The Saudi Arabian Monetary Authority (SAMA), the Kingdom's central bank, has launched a new e-invoicing platform to facilitate payment procedures between government entities, other enterprises and suppliers.
The new scheme will help reduce the costs of financial transactions and enhance institutional efficiency through facilitating the billing process for government suppliers, SAMA said in a statement on Monday.
It will also improve invoiced payments as it offers more privileges for users, such as the payment status, charts, analysis and settlement.
The new platform will also contribute to reducing costs of cash collection.
SAMA added that the new program states invoice history, along with payment and settlement options.
Several leading firms under various sector, including insurance, retail, healthcare, industrial commodities and logistic support participated in the new initiative to tap the new services.
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