Payments through banks in Saudi Arabia will be faster from tomorrow. Money is currently credited to the account hours after remittance. Payment will be made within minutes from tomorrow. Local transfers between different banks in Saudi Arabia can now be made instantly. The approval was given by the Central Bank. The new scheme will come into effect from tomorrow. The new technology is being implemented after the successful first phase of testing with various Saudi banks.
This will help financial institutions, companies and individuals to complete financial transfers between different banks instantly. The new service will operate full-time every day of the week, the central bank said in a statement. All you have to do is activate the system developed by Saudi Payment once. The fee for this will be less than the current transfer fee.
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