SAMA coordinates with financial sector to study instant payment ceiling: Official

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The Saudi Central Bank (SAMA), in coordination with the financial sector, is currently studying determining a maximum limit for the instant payments, Al Eqtisadiah newspaper reported, citing Ziad Al Yousef, SAMA Deputy Governor for Development and Technology.

No maximum limit has been determined so far, said Al Yousef, adding that there is no set number for negotiation.

Al Yousef expects the instant payment limit to range between SAR 60,000 -SAR 80,000.

The old payment system, which tackles the transactions between 9:00 am and 5:00 pm, will be confined to the large bank payments. Meanwhile, the Saudi Arabian Riyal Interbank Express (SARIE), which commenced last year, will deal with individuals and companies, the top official noted.  

He also pointed out that SAMA is working to enhance the instant payment system, launched last year, to ensure its credibility and security of financial settlements.