The Saudi Central Bank (SAMA) has announced that it will be launching the Instant Payment System on the 21st of February. This has come following the successful activation of the system's first pilot phase with several Saudi banks. Upon its activation, the system will allow financial institutions, companies, and individuals to complete transactions instantaneously across various banks around the clock.
The system, supervised by SAMA, represents a significant milestone in strengthening the Kingdom position as one of the leading countries in the Banking and Financial Technology services, and a pioneering hub for FinTech innovation.
SAMA has clarified that the system developed by Saudi Payments, will enhance economic growth through increasing the efficiency of financial transactions between all parties in the corporate and retail sectors, enabling banking institutions and FinTech companies to improve the current financial products and manage the cash flow for the business sector.