Saudi Arabia to introduce faster interbank instant money transfers this month
Published 09 Feb,2021 via Arab News - Economy JEDDAH - Saudi Arabia this month will introduce a new inter-bank money transfer system, which will allow payments to be processed faster between local banks, helping to foster growth in the Kingdom’s rapidly developing e-commerce industry.
The system will allow money to be transferred between local banks 24 hours a day and at more advantageous rates.
According to Talat Zaki Hafiz, an economist and board member of the Saudi Financial Association, instant electronic payments are defined by the Euro Retail Payments Board as electronic retail payment solutions that are available 24 hours a day, seven days a week and 365 days a year, with the payments processing between accounts in a matter of seconds.
Free, in under 30 seconds
Join thousands of professionals reading Salaam Gateway — the Global Islamic Economy Gateway.
Already a member? Sign in
- 5 free articles every month
- Weekly Islamic-economy newsletter
- Save articles to read later
Arab News