Saudi Payments Launches Instant Payments System sarie in Cooperation with IBM and Mastercard
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ARMONK, N.Y. and RIYADH, Saudi Arabia, April 21, 2021 /PRNewswire/ Saudi Payments, under the supervision of the Saudi Central Bank (SAMA) announced the launch of Saudi Arabia s instant payments system sarie in cooperation with IBM (NYSE: IBM) and Mastercard (NYSE: MA), the leading technology company in the global payments industry. This collaboration marks a key milestone for payments innovation in the region and is aligned with Saudi Payments aim to improve the Kingdom s financial ecosystem, mainly through the adoption of faster payments and improvements to banking reconciliation. Today, sarie supports all Saudi banks across the Kingdom and is available for use by their customers.
Saudi Payments launches instant payments system
RIYADH, 6 hours, 25 minutes ago Saudi Payments has launched an instant payments system ‘sarie’ in cooperation with IBM and Mastercard, supporting all Saudi banks across the Kingdom and available for use by their customers. The introduction of ‘sarie’ is in line with Saudi Arabia’s Financial Sector Development Program (FSDP) under Saudi Vision 2030, which targets achieving 70% non-cash transactions by 2030. ‘sarie’ allows bank customers to send and receive money in real-time using a wider range of services and transfer options. Customers of local banks can make instant transactions of up to SR20,000 ($5,300) through the system. Further, “sarie” users can benefit from the quick transfer service to send up to SR2,500 ($660) using aliases, such as mobile number, email address, ID number, or IBAN number.
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Mastercard (MA), IBM to Aid Instant Payments in Saudi Arabia Zacks.com 6 hrs ago
Mastercard Incorporated MA and
International Business Machines Corporation IBM have been chosen as facilitators by Saudi Payments under the supervision of the Saudi Central Bank (SAMA) that launched the region’s instant payments system named sarie .
Mastercard and IBM will be providing all the required support to make the service a success.
This step is aligned with the Kingdom of Saudi Arabia’s policy to revolutionize its current ways of making payments by resorting to faster transactions and improving banking reconciliation. sarie supports all Saudi banks across the Kingdom and is available for use by their customers for making and receiving money payments on a real-time basis. The launch of this modern payments system in sync with Saudi Arabia s Financial Sector Development Program (FSDP) under Saudi Vision 2030, which targets achieving 70% non-cash transactions by 2030.
RIYADH: The Kingdom’s insurance sector closed the financial year 2020 on a high note with the aggregate net profit of local insurance firms, except for the Saudi Indian Company for Cooperative Insurance, rising to SR1.443 billion ($0.38 billion) in Q4, an increase of 47 percent year-on-year, according to data compiled by the financial news service Argaam.
There were 13 insurers recording higher profits in 2020, led by the Mediterranean and Gulf Insurance and Reinsurance Co., which surged 1,081 percent, the Saudi Arabian Cooperative Insurance Co., which increased 545 percent, and the Gulf General Cooperative Insurance Co. which saw net income up 397 percent.
The sector finished out the tough year on a high note mainly thanks to government support.