Tomorrow / Sunday, in Saudi Arabia, the instant transfer system will be activated between all Saudi banks, 24 hours a day, seven days a week.

The Central Bank of Saudi Arabia announced the launch of the instant payments system on February 21, 2021, after the successful launch of the first pilot phase to activate the system with a number of Saudi banks, and upon its launch, the system will enable financial institutions, companies and individuals to complete transfers between different banks immediately over the course of time. 24 hours, 7 days a week.

It is noteworthy that the system was supervised by the Central Bank, and it is considered an essential step to strengthen the Kingdom’s position as one of the advanced countries in banking and financial technology services and transform it into a leading center for innovation in the financial technology sector. The system contributes to the implementation of the objectives of the financial sector development program, one of the Kingdom’s vision programs, in the transformation into a society less dependent on cash.

The Saudi Central Bank confirmed that the system works perfectly smoothly between Saudi banks and financial technology companies, and contributes to reducing the operational cost and providing innovative solutions to the financial sector, and once activated, it will allow beneficiaries to benefit from it in the implementation of financial transfers between local banks immediately and with lower fees.

- Half a riyal for operations less than 500 riyals

- Riyals for operations above 500 riyals