Instant payment system between banks launch on Sunday. Tomorrow (Sunday, 21st February 2021), the Central Bank of Saudi Arabia will launch the instant payments system, which will enable financial institutions, companies, and individuals to complete transfers between different banks instantly, 24 hours a day, seven days a week.
Instant payment system between banks launch on Sunday
The bank affirmed that the system developed by “Saudi Payments”, once activated, will enable beneficiaries to implement immediate financial transfers between accounts in local banks, with less fees than the current system of interbank transfers.
They noted that the system will work seamlessly between Saudi banks and financial technology companies, and will contribute to increasing transparency in payments between companies and individuals, activating innovation in financial services, and raising the quality of services provided to the final beneficiaries.
More from Riyadh Xpress
The Cloud Corniche | Abha | Saudi Arabia
Lakes Park | Watch complete directions & details of Lakes Park in Riyadh.
Looking for a refreshing adventure in summers in Riyadh? Watch out the latest video of Ain Heet Cave near Riyadh for hiking.
Stay Safe by following precautionary measures given by the government
- Firstly, free movement with taking care of precautionary measures given by the government. Cautiously we returned to normal life.
- Staying at home can be very boring if you don’t have anything to do, we have made a list of things to do here.
- Buy protected mask: Click Here
Finally, follow Riyadh Xpress’s:
In addition, check out the latest articles by Riyadh Xpress
- Firstly, King Salman urged the world to respond to the human crises causes by Covid-19: Click Here.
- Secondly, Social Distancing Measures implemented in supermarkets: Click Here.
- Thirdly, the latest penalties on Iqama: Click Here.
- Fourthly, Disabled parking violation/fine in Saudi Arabia: Click Here.
- Lastly, hackers attack again to get your personal data: Click Here.
Check out the most viewed articles
- Firstly, one riyal shop in Riyadh: Click Here.
- Secondly, 5 Riyals Mall in Riyadh: Click Here.
- Thirdly, Riyal al Barakah: Click Here.
- Lastly, 20 new changes in Saudi Arabia in 2020: Click Here.