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Implementation of the account verification service through the Instant Payments System (IPS) and the Saudi Rapid Financial Transfers System (RTGS)

No: 44075612 Date(g): 15/4/2023 | Date(h): 25/9/1444 Status: In-Force

Translated Document

In reference to SAMA circular No. (42047169) dated 06/07/1442H regarding the launch of the instant payments system "SARIE"; and SAMA's continuous efforts to develop financial services, increase the efficiency of the financial system, and enhance the growth of electronic transactions as part of the Financial Sector Development Program, SAMA emphasizes to all banks and financial institutions the need to adhere to the following:

 

 1. Implement the account verification service before completing the addition and activation of the beneficiary for all financial transfers executed through the Instant Payment System (IPS) and the Saudi Rapid Financial Transfer System (RTGS), in accordance with the operational and technical requirements document for the service.
 
 2. Provide the service in accordance with the rules of the SARIE system and its periodic updates.
 
 3.Raise public awareness about the new service in coordination with Saudi Payments to achieve the desired benefits.
 

SAMA also emphasizes that all banks must complete the technical approvals for the account verification service and all necessary procedures before the date of 11/5/2023G. This should be done in coordination with Saudi Payments via email (onboarding@saudipayments.com).