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1.2 Definitions

Effective from Dec 27 2021 - Dec 26 2021
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BankAs defined in Article 1(a) of the Banking Control Law and licensed by its provisions.
National BankAs defined in Article 1(c) of the Banking Control Law.
Foreign BankAs defined in Article 1(d) of the Banking Control Law.
Saudi Arabian Riyal Interbank ExpressSaudi Arabian Riyal Interbank Express System, the Kingdom's Inter-Bank Electronic Funds Transfer Systems i.e. the Central System at SAMA, the Participants’ Gateways, the security sub-system, the Contingency Central System and Gateways, the communications links between these systems, and all other systems used by SAMA in connection with Saudi Arabian Riyal Interbank Express.
ParticipantAs defined by Rule 2.1.1. of SARIE Operating Rules and Regulations - Version 3.0.
Settlement AgentA Participant who is authorized by SAMA to clear, settle and record transactions for Indirect Participants.
Indirect ParticipantA Non-Participant Bank, whose transactions are cleared, settled and recorded by a Settlement Agent through Saudi Arabian Riyal Interbank Express.