The Saudi Central Bank (SAMA) has launched a new instant payment system dubbed “sarie” to promote the Kingdom’s national payments’ ecosystem and enhance its infrastructure.

Commenting on the launch, the Central Bank Governor Fahad Almubarak said the utility of the new instant payment system would empower the national infrastructure for digital payments as it tracks the growth the Kingdom’s payment sector.

“The launching of the sarie system is the result of several months of meticulous efforts with all the partners. Despite the challenges posed by the COVID-19 pandemic, the speed of the instant payment system’s deployment across all the local banks is the fastest of its kind worldwide,” said Saudi Payments’ Managing Director Mr. Fahd al-Akeel.

“Sarie services will allow the banking sector’s clients to send and receive low-value local transactions around the clock and for a low fee, not exceeding one Saudi Riyal. Additionally, the system provides beneficiaries with other services and transfer options, including using the mobile number as an identifier instead of the IBAN for transactions between banks, and the ability to verify the validity of the recipient’s bank account before completing the transaction,” al-Akeel added.