Saudi Arabia

Saudi Arabia launches 24/7 instant transfer between banks

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The Saudi Central Bank (SCB) announced on Thursday the launch of the instant payments system effective from Feb. 21, and this is after the successful launch of the first phase of trial to activate the system with a number of Saudi local banks.

The launch of the system will enable financial institutions, companies and individuals to complete instant transfers among various banks within 24 hours, and throughout all days of the week.

The SCB statement emphasized that the system works seamlessly between Saudi banks and financial technology companies, and contributes to reducing operational costs and providing innovative solutions to the financial sector. Once activated, it will allow beneficiaries to benefit from it in the implementation of financial transfers between accounts in local banks immediately, with fees less than the fee charged in the current system of transfers between banks.

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Source
Saudi Gazette
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