Central Banking

Vocalink and IBM to provide Saudi faster payments system

Sama headquarters
The Saudi Arabian Monetary Authority
Photo: Sama

UK-based payments firm Vocalink and IT firm IBM have won a contract to deliver faster payments in Saudi Arabia, the country’s central bank said on April 25.

The Saudi Arabian Monetary Authority (Sama) said in a statement the two firms would develop a new instant payments platform, with the goal of launching at the end of 2020.

“The development of such system is primarily to promote economic development by increasing the efficiency of the financial system, and increasing the effectiveness of

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