Central Banking

Saudi Arabia to launch instant payment system in days

Sama headquarters

The Saudi Central Bank (Sama) will launch a new instant payment system on February 21, following a successful pilot phase with local banks.

In a statement, Sama said the new payment system will allow transactions to occur “instantaneously across various banks around the clock”. The system will be available to financial institutions, companies and consumers.

The new payment system will also allow more information to be transmitted with each payment instruction, and will conform to the

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