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The Saudi Arabian Riyal Interbank Express (SARIE)

 

Introduction

The Saudi Arabian Riyal Interbank Express (SARIE) system commenced live operation in May 1997. It provides the mechanism for all Saudi commercial banks to make and settle payments in Saudi Riyals (SR). SARIE provides the basis for improved banking products and services and is the foundation for the payments system strategy of the Kingdom.

SARIE is a state-of-the-art payment and settlement system that links all the banks in the Kingdom. It provides the mechanism for those banks to safely and efficiently exchange funds transfer and direct debit messages on behalf of their customers as well as for their own trading purposes.

The Saudi Arabian Monetary Agency (SAMA), the central bank of the Kingdom of Saudi Arabia, has a strong interest in promoting safety and improving efficiency in payment systems as part of its overall concern with financial stability. SAMA plays a major role in the development and operation of payment systems in the Kingdom.

Properly functioning payment systems enhance the stability of the financial system, reduce transaction costs in the economy, promote the efficient use of financial resources, improve market liquidity and facilitate the conduct of monetary policy.

SARIE system, designed on the concept of REAL TIME GROSS SETTLEMENT (RTGS), has revolutionized electronic banking and commerce in the kingdom of Saudi Arabia by providing the back-bone for a number of advanced and sophisticated payment and settlement systems already in place. These include Automated Clearing Houses (ACH), an electronic cheque clearing system; the Saudi Payments Network (SPAN), which links all ATM and EFTPOS terminals, the Electronic Securities System (TADAWUL); and also the electronic Bill Presentment & Payment (EBPP- SADAD)

The introduction of the SARIE system was a major milestone in the history of payment system in Saudi Arabia, comparable with the introduction of the first Saudi Riyal in 1927. The SARIE logo is based on the first Saudi coin to mark the continuity of these developments.

  Saudi Arabian Riyal Interbank Express “SARIE” None Business Days

 

 
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