The instant payment system sarie, which was launched by Saudi Central Bank (SAMA), has achieved a leap forward in banking transfers and financial transactions.
Asharq Al-Awsat received a copy of a report that showed that sarie carried out more than 74 million operations worth 121 billion riyals ($32.2 billion) during the first half of the current year.
The total of accepted operations reached 99 percent.
Facilitating the payment and collection procedures, as well as reducing fees and using alternative identifiers contributed, to reducing cash transactions and increasing the use of electronic financial transfers.
Initial results showed that low-value transfers (less than 500 riyals) rose to 57 percent from 31 percent before the launch of sarie.
Seventy-three percent of transfers were made after working hours.
Further, the system allowed the use of the mobile number, ID number, or email address as an identifier instead of the IBAN.
The results shown by the report confirm three points. First, the beneficiaries need instant services around the clock. Second, the service is highly confidentially and efficient. Third, the culture of electronic financial transactions is growing.
The report focused on the positive impact on the reinforcement of digital banking transactions. This would further deepen the standards of governance, disclosure and transparency in the Saudi financial sector.
Sarie was launched as part of the role of “Saudi payments” in developing and operating the national payments systems’ infrastructure.
It was also launched as part of SAMA’s strategy to enhance the national payments system, develop its infrastructure to achieve financial comprehensiveness, and contribute to reinforcing the Kingdom’s leadership in the financial sector.
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