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2023-04-16

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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Saudi Central Bank (SAMA)
SAMA
Saudi Central Bank

Reference No.: 44075612
Date: 1444-09-25
Attachments: None

Circular

To the Esteemed, Gentlemen/

Peace, mercy, and blessings of God be upon you.

Subject: Implementation of the account verification service through the Immediate Payment System (IPS/SARIE) and Saudi Riyal Real-time Gross Settlement (RTGS) systems.

Reference is made to SAMA Circular No. 42,47169 dated 07/06/1442 H regarding the launch of the "SARIE" immediate payment system; and in light of SAMA's continuous efforts to develop financial services, enhance the efficiency of the financial system, and promote the growth of electronic transactions within the objectives of the Financial Sector Development Program (FSDP), and to strengthen SAMA's efforts in combating financial fraud, the Saudi Central Bank confirms that all banks and financial institutions must comply with the following:

  1. Implement the account verification service before completing the addition and activation of beneficiaries for all financial transfers executed through the Immediate Payment System (IPS) and Saudi Riyal Real-time Gross Settlement (RTGS) systems, in accordance with the operational and technical requirements document for the service.

  2. Provide the service in accordance with the rules governing the SARIE system and its periodic updates.

  3. Raise public awareness regarding the new service in coordination with Saudi Payments to achieve its intended benefits.

The Saudi Central Bank further confirms that all banks and financial institutions must complete the technical approvals for the account verification service, along with all necessary procedures, before May 11, 2023, in coordination with Saudi Payments via email (onboarding@saudipayments.com).

Yours sincerely,
Al-Minjah
Yazed bin Ahmed Al-Sheikh
Deputy Governor for Supervision

President
Eng. Saed bin Abdulaziz

Distribution Scope:

  • Public banks and financial institutions across the Kingdom.

P.O. Box 2992 Riyadh 11169, Kingdom of Saudi Arabia Tel: +966 11 463 3000
P.O. Box: 2992, Riyadh 11169 Kingdom of Saudi Arabia Phone: +966 11 463 3000

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