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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.
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.
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April 19, 2021
Last week, Mastercard, Inc., announced new rules for banks processing credit card payments to pornography websites, designed to combat child pornography and sex trafficking. Unfortunately, for a country whose corporate overlords refuse (or are unable) to distinguish between intrinsic evil and prudential policy judgments, this promising development will likely also serve as a beta test to further attack conservative groups.
In December, Mastercard and Visa banned the use of their credit cards on the Pornhub website after The New York Times ran a column by Nicholas Kristof detailing the availability of child abuse and rape videos on that site. Mastercard explained its decision by confirming that Pornhub, a subsidiary of MindGeek, had violated the company’s standards by providing “unlawful content.” Visa quickly followed suit, announcing that it too had instructed “the financial institutions who serve MindGeek to suspend processing of payments through the Visa n