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Payment Systems are an integral part of the Financial Market Infrastructure, enabling retail, wholesale, capital, money and foreign exchange markets to discharge their payment obligations. In order to prioritize its oversight function and focus on systemically important payment systems SAMA vide its regulation titled “Criteria for Systemically Important Payment Systems in Kingdom of Saudi Arabia” dated January 2015 has directed that a system which meets any one, or combination of, the following criteria will be classified as a systemically important system:
a)
Any system handling interbank or customer payments which could pose a risk to financial stability.
b)
The principal payment system in terms of the aggregate daily volume and value of payments
c)
Any system used to effect settlement in other systemically important FMIs
d)
Any system, which is central to the payments infrastructure and our customer confidence due to number and type of participants, market penetration and lack of alternatives available.
Based on the above criteria, three PS have been designated as Systemically Important Payment Systems (SIPS) namely:
1)
SARIE (Saudi Arabian Riyal Interbank Express) is the is the Real Time Gross Settlement (RTGS) system that transfers fund in Saudi Riyal within the kingdom of Saudi Arabia and through which all transfers to beneficiaries of all categories pass. In addition, SARIE provides settlement services to other payment systems to which it is linked. These include Automated Clearing Houses (ACH), an electronic cheque clearing system; the Saudi Payments Network (MADA), which links all ATM and EFTPOS terminals, the Electronic Securities System (TADAWUL); and also the electronic Bill Presentment & Payment (SADAD).
2)
MADA (formerly known as “SPAN”) is the national ATM and Points of Sale network that connecting all Saudi banks and providing a common service point to the customer and allows them electronically access to their funds with any bank, anywhere in the Kingdom, around the clock.
3)
The electronic Bill Presentment & Payment (SADAD) is the national electronic bill payment system allows individuals and businesses to pay bills via bank branches, ATMs, online and phone banking.
