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Article 76

Date(g): 13/6/2023 | Date(h): 24/11/1444 Status: In-Force

Translated Document

Effective from Jun 13 2023 - Jun 12 2023
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  1. The payer’s payment service provider shall verify that the payment transaction amount has been credited to the payee’s payment service provider’s account in the event that the payment transaction is carried out in riyals or parts thereof, by the end of the working day following the time of receipt of the payment services order. The payment service user may agree with the payment service provider not to apply the provisions of this paragraph.
  2. The payer's payment service provider shall verify that the payment transaction amount has been credited to the payee's payment service provider's account in the event that the payment transaction is carried out in a currency other than the riyal or parts thereof entirely within the Kingdom, by the end of the third working day after receiving the payment services order or any other day as agreed upon with the payment service user.
  3. The payee's payment service provider shall serve the payment services order created by or through the payee to the payer's payment service provider within the time period agreed upon between the payee and the payment service provider, in a way that allows for the settlement relating to direct debit to be made on the agreed upon due date.