Regulatory Alerts2023-04-16
Implementation of the account verification service through the IPS (SARIE) and RTGS system
The Saudi Central Bank (SAMA) mandates all domestic banks and financial institutions to implement an account verification service for beneficiary addition and activation across the Immediate Payment System (IPS/SARIE) and Real-time Gross Settlement (RTGS) networks. Financial entities must align with the service's operational and technical requirements, adhere to SARIE system rules, and complete all necessary technical approvals by May 11, 2023, in coordination with Saudi Payments. This directive supports the Financial Sector Development Program by enhancing transaction efficiency and strengthening fraud prevention measures across electronic payment channels.
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