This milestone is expected to improve the Kingdom’s financial ecosystem
Saudi Payments, under the supervision of the Saudi Central Bank (SAMA) has announced the launch of Saudi Arabia’s instant payments system ‘sarie’ in cooperation with IBM and Mastercard.
Today, ‘sarie’ supports all Saudi banks across the Kingdom and is available for use by their customers, according to the press release.
‘sarie’ allows bank customers to send and receive money in real-time using a wider range of services and transfer options. For instance, customers of local banks can make instant transactions of up to SAR 20,000 ($5,300) through the system.
Furthermore, “sarie” users can make a quick transfer service to send up to SAR 2,500 ($660) using mobile number, email address, ID number, or IBAN number.
Saudi Payments selected IBM Global Business Services (GBS) to lead the project as the System Integrator (SI) partner and an end-to-end digital payments solutions provider. IBM GBS designed and architected the solution through its complex system integration methodology, built a technical platform and integrated Mastercard’s instant payments platform into Saudi Payments’ existing infrastructure.
We’ve reported that Mastercard introduced QR on Card solution in India.