The Saudi Central Bank (SAMA) announced it will launch the instant payments system on Sunday, Feb. 21, after a successful trial phase with several Saudi participating banks.
The 24/7 electronic payment system allows financial institutions, companies, and individuals to transfer money instantly.
The move was part of a wider campaign to make Saudi Arabia a leading center for innovation in the financial technology sector, Al Arabiya has reported.
SAMA earlier said the new system would contribute to the country’s economic development by increasing the speed and efficiency of financial transactions in the corporate and retail sectors.
The system would also improve transparency of payments between companies and individuals, as well as other banking-related benefits.