The Saudi Central Bank (SAMA) has launched an Instant Payments System with the name “SARIE” under which the amounts between different banks will be transferred immediately.
Here are some features of the Instant Payments System launched by SAMA in Saudi Arabia.
5 features of Instant Payments System
1- Sarie services will allow the bank customers to send and receive local transactions up to SR 20,000 around the clock instantly (even after the bank closing time).
2- The transfer fee for the instant transfer would be SR 1 + VAT. It is way cheaper than the current rates of interbank transfers.
3- The Instant Payment System Sarie would allow the sender to verify the identity of the beneficiary before making the transfer. Currently, this system is not available for interbank transfers.
4- The Sarie system will allow the transfer of money with the Iqama Number, Phone number, or Email address. There would be no need for the IBAN or the account number for the transfer up to SR 20,000.
5- The system also offers the quick transfer service, which allows payments of amounts less than SR 2,500 without adding and activating the beneficiary. Currently, all transfers require beneficiary activation.
— SAMA | البنك المركزي السعودي (@SAMA_GOV) February 20, 2021