IMF / SAMA signs an agreement to develop the system of immediate payments to develop the infrastructure of the financial sector

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IMF / SAMA signs an agreement to develop the system of immediate payments to develop the infrastructure of the financial sector

Thursday, 1440/8/20 H corresponding to 2019/04/25 SPA

 

Riyadh, 20 April, SPA - 
The Saudi Arabian Monetary Agency (SAMA), represented by Saudi Payments, today signed an agreement to develop the immediate payment system with IBM and Foca Link, which is scheduled to be launched by the end of 2020 in cooperation with banks. And banks in the Kingdom with the aim of developing the infrastructure of the financial sector. 
This system is mainly aimed at enhancing economic development by increasing the efficiency of the financial system by increasing the efficiency of financial transactions between all parties, which will be reflected positively by accelerating business transactions and contributing to the initiative towards a non-monetary society as one of the central initiatives in the financial sector development program.
This new system allows customers to have instant and scheduled transfers between the various banks in the Kingdom around the clock and outside the working hours of banks. It will also provide greater flexibility for customers to add details of payment instructions to the beneficiary to facilitate financial reconciliations, (ISO 20022). It is also an enabling factor for a number of services that contribute to improving the efficiency of the financial system, including managing fraud risks and combating money laundering, improving current banking products and managing cash flows. Business sector.
The new system, which will be developed and operated by Saudi Payments, will play a key role in developing and operating the infrastructure of the national payment systems in the Kingdom. This will enable banks and financial technology companies to provide innovative services that meet the needs and expectations of customers. Economic growth in the near term, by increasing the proportion of digital payments by 15%, providing around 16 billion riyals of cash transaction costs and handling more than one billion payments during the first five years of operation. 
In the long term, the system will increase the transparency of payments between companies and individuals, activate innovation in financial services through a flexible infrastructure for financial transactions according to international standards, and end users will benefit from raising the quality of services due to the competitiveness that the system will contribute after its launch.
The facilitation of instant transfers is one of several projects under the supervision of the Saudi Arabian Monetary Agency (SAMA) as an important step in the financial sector development program to achieve the objectives of the Kingdom's Vision 2030 towards a non-monetary society that digitizes its transactions. 
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16:52 ITM 
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