Regulatory Alerts2021-02-17
Instant Payments Launch (Fast)
The Saudi Central Bank issued this circular to mandate compliance from all participating banking members ahead of the February 21, 2021 launch of its new Instant Payments System (Fast). The directive requires members to execute membership agreements, adhere to updated technical and operational standards, and implement specific transaction limits alongside a capped fee structure of 0.50 SAR for balances up to 500 SAR and 1.00 SAR for higher amounts. Furthermore, banks must align their public-facing channels with the new branding guidelines, update customer journey documentation, and ensure staff readiness to support the system's operational flexibility and innovation capabilities.
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