Esal platform harvested the best technological innovation award for invoices of digital business payments in the Middle East in 2019. It is SAMA's initiative in Developing the Financial Sector.
The award is one of the awards offered by Seamless 2019 Digital Economic Conference and Exhibition organized at the World Trade Center in Dubai on 10th of April 2019 under the auspices of the Arab States League and the Council of Arab Economic Unity, with the participation of 350 regional and international exhibitors and 400 speakers. They have shed light upon topics like e-commerce, digital payments, retail trade and financial technologies, in addition to the digital identity. Seamless 2019 awards witnessed the competition of more than 400 candidates varying from banks, major telecommunication companies, international payment systems and financial technology companies. Among all, Esal successfully harvested the award worthily.
The Saudi Arabian Monetary Authority (SAMA) represented by 'the Saudi Payments System' provided a new addition to the services offered to business Sector in the Kingdom where it launched Esal for test in March 2018. Esal provides an integrated solution for all billing and payment operations in the business sector by working as a link between suppliers and buyers, which makes it easy for all parties to track the status of invoices issued through all stages of billing to the final process of reconciliation and settlement.
Since its launching, Esal platform continues its march to be one of the platforms that enables both the private and public sectors by contributing to supporting the business environment and by enabling financial institutions to develop their business. Moreover, it encourages small and medium enterprises by increasing transparency in business transactions and enhancing confidence and competition.
It is worth mentioning that the financial Sector Development Program aims to develop a diversified and effective financial sector in order to support the development of the national economy, diversify sources of income, stimulate saving, financing and investment as well to achieve an advanced financial market while maintaining the stability and strength of the sector. Esal platform is one component of the national payments system infrastructure that is developed and run by the "Saudi Payments" System of SAMA along with Mada, Saddad and Sarie Systems. It is hoped that Esal platform will contribute to pushing the wheel of transformation into a community that is less dependent on cash.
