Instant Payments Launch (SARIE)

No: 42047169

Date(g): 17/2/2021 | Date(h): 6/7/1442

Status: In-Force

Translated Document

Referring to SAMA's role in overseeing and supervising the development of payment systems infrastructure and supporting non-cash transactions to achieve the objectives of the Financial Sector Development Program as part of Saudi Vision 2030 and enhancing the national payment systems in the Kingdom with the latest technologies in this vital and important field.

We would like to begin by thanking you for all the efforts made during the past period in various stages of developing the Instant Payment System (Sarie), which we have chosen to name as an extension of the significant developmental leaps witnessed by our national systems since 1997 when the Saudi Financial Transfers System was launched as the latest payment and settlement system at that time. Today, the launch of the system with its developed features for instant payments represents a new generation of payment services in the Kingdom. Its importance is embodied by the qualitative leap that (Sarie) will bring to the services provided to the banking sector, thanks to the utmost flexibility and high efficiency that the system will provide, along with multiple areas of innovation.

As we approach the official launch date of the Instant Payment System (Sarie) on February 21, 2021G, and due to its importance as a fundamental building block towards achieving the Kingdom's ambitious vision, confirming its global position in electronic payment systems, SAMA emphasizes the necessity for all participating members in the system to adhere to the following:

-	Sign the membership agreement for the system and adhere to the latest technical and operational documents and service level agreements shared by the Saudi Payments team during the final stages of the project.
-	Adherence to the maximum transaction limits for financial dealings through the system, such as the Single Transaction Limit and the Quick Transfer Limit for transactions executed without the need to activate the beneficiary.
-	Adopt the maximum transfer fees for customers through the system at half a riyal for transactions equal to or less than 500 riyals, and one riyal only for transactions exceeding 500 riyals, while allowing for the retention of fees outlined in the previously circulated tariff for transactions exceeding the single transaction limit.
-	Adhere to the guidelines of the branding document for the Instant Payment System (Sarie), and the related documents concerning the customer journey when dealing with the various services of the system, as shared by the specialized team at Saudi Payments.
-	Inform all bank employees about the importance of the system and the benefits it provides, ensuring their comprehensive understanding of its mechanisms and preparing for anticipated customer inquiries.
-	Take all necessary measures and adjustments to reference the Instant Payment System when using the term (Sarie) across all banking channels and bank publications directed at the public, instead of the Saudi Financial Transfers System.

For your information and to act accordingly, completing the necessary technical approvals before the launch on February 20, 2021G.