Skip to main content

Article 105

Date(g): 13/6/2023 | Date(h): 25/11/1444 Status: In-Force

Translated Document

Effective from Jun 13 2023 - Jun 11 2023
To view other versions open the versions tab on the right

 

 1.

When managing and operating the payment system, the payment system operator shall comply with the following requirements: 

A.The risks of payment systems shall be managed in a manner ensuring their safety and enhancing financial stability.
B.The payment system shall be operated in a safe and efficient manner designed to minimize the possibility of any system malfunction while maintaining at least 99.98% uptime.
C.Create operating rules that are compatible with the requirements specified in Paragraph 2 of this Article and the relevant operational agreements, and with any other requirements determined by SAMA regarding the operating rules of the significant payment system.
D.Provide and organize the necessary resources for the payment systems operator.
E.Provide appropriate financial resources for the system to perform its activities and operations properly.
F.Prepare treatment and phase-out plans in accordance with relevant international standards and requirements and in accordance with the Principles for Financial Market Infrastructure and update the same annually.
 2.

The operating rules of a significant payment system shall include: 

A.Stipulating the possibility of excluding a member from the system in the event of bankruptcy.
B.Providing appropriate default management arrangements for the payment system and verifying that they cover all possible circumstances and cases.
C.Providing appropriate and necessary arrangements to deal with cases in which the system operator, service provider or settlement center for the system may be unable to fulfill their obligations with respect to the system or connected therewith.
D.The operating rules require members to cooperate with SAMA and provide it with any necessary data, information or documents requested.
 3.The approval of SAMA shall be obtained before adopting the operating rules for payment systems or making any changes thereto.
 4.

The payment systems operator shall verify that all transaction connected with the payment system are carried out in a secure manner, including: 

A.Verifying the execution and settlement of transfer orders for payment system purposes and including the same in the operating rules.
B.The accuracy and robustness of the operation of the payment system.
C.Controlling access to the payment system.
D.Information integrity and access control.
E.Risk management and monitoring and control procedures in relation to the operation of the payment system.
F.The integrity of the payment system, including financial integrity.
G.The integrity of infrastructure services associated with the payment system.
 5.

The payment systems operator shall verify that all transactions in relation to the payment system are carried out efficiently and effectively, including: 

A.Speed and efficiency in respect of executing the transactions relating to transfer orders through the payment system.
B.The total cost to the member for its engagement in the payment system shall be appropriate, taking into account the services provided by the payment system to members.
C.Appropriate criteria for admitting members into the payment system.
D.Appropriate measures to unfairly reduce competition or exploit the lack of competition in relation to the functions performed by the system.
 6.The payment system operator shall ensure the safety and continuity of operation of the payment system and compliance with all instructions issued by SAMA and relevant international principles and standards, including the Principles for Financial Market Infrastructure.