SARIE

tags

KSA

Acronym #

• Saudi Arabian Riyal Interbank Express
• Backbone of settlement systems

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SARIE system, designed on the concept of RTGS, has revolutionized electronic banking and commerce in the kingdom of Saudi Arabia by providing the back-bone for a number of advanced and sophisticated payment and settlement systems already in place. These include:

1. Automated Clearing Houses, an electronic cheque clearing system;
2. the Saudi Payments Network (earlier SPAN now called mada), which links all ATM and EFTPOS(Electronic funds transfer at point of sale) terminals,
3. the Electronic Securities System (TADAWUL);
4. and also the electronic Bill Presentment & Payment (EBPP- SADAD)

• The Saudi Arabian Riyal Interbank Express (SARIE) system commenced live operation in May 1997. It provides the mechanism for all Saudi commercial banks to make and settle payments in Saudi Riyals (SR).
• SARIE provides the basis for improved banking products and services and is the foundation for the payments system strategy of the Kingdom.
• SARIE is a state-of-the-art payment and settlement system that links all the banks in the Kingdom.
• It provides the mechanism for those banks to safely and efficiently exchange funds transfer and direct debit messages on behalf of their customers as well as for their own trading purposes.

The Saudi Central Bank (SAMA), the central bank of the Kingdom of Saudi Arabia, has a strong interest in promoting safety and improving efficiency in payment systems as part of its overall concern with financial stability. SAMA plays a major role in the development and operation of payment systems in the Kingdom.

Properly functioning payment systems enhance the stability of the financial system, reduce transaction costs in the economy, promote the efficient use of financial resources, improve market liquidity and facilitate the conduct of Saudi Central Bank policy.

The introduction of the SARIE system was a major milestone in the history of payment system in Saudi Arabia, comparable with the introduction of the first Saudi Riyal in 1927. The SARIE logo is based on the first Saudi coin to mark the continuity of these developments.

Riyad Bank #

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• The Instant Payment Service “SARIE” is a new service to facilitate money transfers below SAR 20,000 which allows Riyad Bank customers to transfer locally between participating banks around the clock.
• Additionally, customers are able to transfer money using alternative identifiers such as (Mobile number, Email, National ID, Iqama) with all ease.

Features #

• Instant Transfers to local banks
• Transferring money 24 hours 7 days a week
• Using alternative identifiers for transfer, such as (mobile number, the national ID number/Iqama or Email)
• Transfer without adding or activating a beneficiary in the quick transfers limit

SARIE Transfers limit #

The Users can make Instant Transfers either to saved list of beneficiaries or transfers without the need to create and activate beneficiaries; i.e. transfers can perform by entering beneficiaries IBAN number or a proxy identifier such as Saudi National ID/Iqama number, Mobile Number or the email ID. An explicit consent from customers are required through channels in order to activate and use proxy transfer services. Whilst the Customers will also have the option in digital channels to opt out of proxy transfer services at any time.

• Instant Transfer limits through saved or added Beneficiary: The maximum limit for instant transfers to saved or added beneficiary is SAR 20,000, the transactions above this limit will be processed through normal local bank transfer method without any change.
• Limits for Quick Transfers using IBAN or Alias: The Users will have utility to make quick transfers by entering the Beneficiary’s IBAN or Alias and without the need to create and activate beneficiary beforehand. The maximum transfer limit for this service is SAR 2500 and it is configurable for Users to set the desired limit within the maximum range, by default the limit will remain as zero.