SAMA is exploring the possibility of increasing the limit of instant interbank transfers up to 80,000 SR

Saudi Gazette report

Riyadh — The Saudi Central Bank (SAMA), working with the financial sector, is currently studying the prospect of deciding to raise the cap on instant interbank transfers.

The cap, which is expected to range from SR60,000 to SR80,000, will be implemented by the end of 2022, marking the second phase of instant bank-to-bank money transfer services.

It is worth noting that SAMA launched the first phase of its instant interbank money transfer system (serie) on February 20, 2021. The new system helped financial institutions, businesses and individuals make instant bank-to-bank transfers around the clock.

Ziad Alyousef, SAMA’s vice president of development and technology, said the old payment system, which handles 9am to 5pm operations, was dedicated to large interbank financial operations and was launched last. The instant interbank payment system is for individuals and businesses of all kinds, 24 hours a day, year round.

Alyousef said SAMA has worked to strengthen the instant payment system launched last year, ensuring its reliability and the safety of financial transactions. Al-Eqtisadiah newspaper, citing him, reported that “we are studying prospects for raising the cap on remittances with the financial sector and so far there have been no limits agreed with the financial sector.” rice field.

Responding to a question about capping amounts that range from the current SR20,000 to between SR60000 and SR80000, Alyousef said: It could be within those limits,” he said.

In addition to being in line with the development process witnessed by the Kingdom’s domestic payments sector, SAMA has placed greater emphasis on the instant interbank payment system as it represents added value and quality to the functioning of the domestic payments infrastructure. . Over 30 years.

It is also developing infrastructure to upgrade the country’s payment system and enable financial inclusion as part of a series of initiatives initiated by the central bank.

According to SAMA sources, the Sally service will allow clients in the banking sector to send and receive small local transactions around the clock for a small fee. In addition, the system has other features such as using a mobile phone number as an identifier instead of his IBAN in bank-to-bank transactions and the ability to check the validity of the recipient’s bank account before completing the transaction. Offer services and remittance options to beneficiaries. ”

Financial transactions under SR 20,000 are credited instantly to the recipient’s account by the Surrey system. The system also provides a fast money transfer service that, once activated by the account holder, allows banking sector clients to send payments in amounts under SR2,500 without having to activate additional recipients. increase.