Instant Payments Launch (Fast)

Saudi Central Bank
Governor Office

Reference No.: 42047169
Date: 1442/07/06
Attachments: None

Circular

To Whom It May Concern,
Peace, mercy, and blessings of God be upon you,

Subject: Launch of the Instant Payments System (Fast).

In reference to the Saudi Central Bank's regulatory and supervisory role in developing payment system infrastructure and supporting non-cash transactions, in line with the objectives of the Financial Sector Development Program under Saudi Vision 2030, and enhancing national payment systems in the Kingdom with the latest technologies in this vital field.

We begin by thanking you for all efforts made during the past period across various stages of developing the Instant Payments System (Fast), for which we chose this name to be an extension of the major developmental leaps witnessed by our national systems since 1997, when the Saudi Financial Transfer System was launched as the most advanced payment and banking settlement system at that time. Today, the launch of the system with its enhanced features for instant payments represents the new generation of payment services in the Kingdom. Its importance is also evident due to the qualitative leap that (Fast) will bring to services provided to the banking sector, thanks to its maximum flexibility and high efficiency, as well as its multiple innovation areas.

With the official launch date of the Instant Payments System (Fast) approaching on February 21, 2021, and given its importance as a cornerstone toward achieving the Kingdom's ambitious Vision, which confirms its global standing in electronic payment systems, the Saudi Central Bank emphasizes the necessity for all participating members of the system to comply with the following:

• Signing the system membership agreement and adhering to the latest technical and operational documents, service level agreements, and related requirements shared by the Saudi Payments team during the final project stages.
• Complying with maximum transaction limits through the system, such as the Single Transaction Limit and the Quick Transfer Limit (requiring beneficiary activation).
• Adopting a maximum transfer fee for customers through the system of half a Saudi Riyal for transactions valued at 500 SAR or less, and one Saudi Riyal only for transactions exceeding 500 SAR, with the option to retain fees outlined in the previously circulated Saudi Financial Transfer System tariff for transactions exceeding the Single Transaction Limit.

---

• Complying with the provisions of the (Fast) Instant Payments System brand guidelines document, and related documents concerning the Customer Journey when interacting with various system services, as shared by the designated Saudi Payments team.
• Informing all bank staff regarding the system's importance and benefits, ensuring their comprehensive understanding of its operating mechanisms, and preparing for expected customer inquiries.
• Taking all necessary procedures and amendments to indicate the Instant Payments System when using the name (Fast) across all banking channels and bank publications directed to the public, instead of the Saudi Financial Transfer System.

For information, action, and completion of necessary technical approvals prior to the launch on February 20, 2021.

Yours sincerely,

Fahd bin Abdullah Al-Mogbel
Governor

On behalf of / Aiman bin Mohammed Al-Sayari Deputy Governor

Distribution Scope:
Banks and financial institutions operating in the Kingdom.

P.O. Box 2992, Riyadh 11169, Kingdom of Saudi Arabia | Tel: +966 11 4633000