As the sole owner, operator, and regulatory authority for payment systems in the Kingdom, the Saudi Central Bank is responsible for ensuring the security and safety of these systems.

This responsibility entails a key task: identifying payment systems that are essential to the financial system, facilitating the functioning of the financial infrastructure, and addressing economic needs.

<<Systemically Important Payment Systems>> are defined as those whose disruption could hinder participants or lead to systemic failure of the financial infrastructure in the Kingdom.

As part of its supervisory duties, the Central Bank has established a set of criteria for classifying those systems that are considered important to the financial system.

The Central Bank has decided to classify any system that meets any of the following criteria as important to the financial system:

1. Any system that handles payments between banks or with customers that may pose risks to financial stability.
2. A payment system that is primary in terms of the total volume and value of daily payments.
3. Any system used for settlements within other financial infrastructures that are important to the financial system.
4. Any central payment infrastructure system that is trusted by clients based on the number and type of participants, its market depth, and the absence of alternatives

In this regard, the Central Bank has classified the following systems as important to the financial system in the Kingdom:

1. The Saudi Fast Payment System (SADAD): A real-time gross settlement system for payments.
2. The Saudi Payment Network: A system for ATM services and electronic payments via Point of Sale terminals.
3. SADAD Payment System: An electronic bill presentation and payment system.