The sarie system is one of the national payment systems owned by the Saudi Central Bank (SAMA), which was launched in 2021. The system was designed to facilitate low-value money transfers (equal or less than 20,000 SAR) among local banks. It also accelerates the process of sending and receiving transfers, ensuring they are processed instantly, 24/7, throughout the year.
This system allows the use of alternative identifiers to IBAN, such as mobile number, national ID number, residence permit, email address, or unified number for commercial establishments. This results in enabling customers to transfer funds directly without the need to add or activate the beneficiary for transfers of equal or less than 2,500
SAR.