Article 22: Settlement of Transactions
Effective from 2019-02-20 - May 02 2019
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| To ensure quality of services provided for the beneficiaries and to earn their trust, the Bank must perform the following: | |
| a. | Ensure that all transactions carried out through the banking Agent are posted on a real time basis for ‘in bank’ account transactions; |
| b. | Complete transactions that credit or debit accounts in other banks in accordance with SAMA clearing instructions; |
| c. | Conduct a daily reconciliation to ensure settlement is done properly; and |
| d. | Clarify responsibilities of both the Bank and the Agent towards transaction settlement risks. |