Vocalink and Saudi Payments bring real-time payments to Saudi Arabia
Vocalink, a Mastercard company, has partnered with the Saudi Payments, a fully owned subsidiary of the Saudi Arabian Monetary Authority (SAMA), to launch real-time payments in the Kingdom.
The partnership will enable account-to-account payments to be made instantly between financial institutions, businesses and consumers, a market-first in the country. The new technology will positively impact the Kingdom’s economy by upgrading its payments infrastructure, significantly speeding up digital commerce and enabling newer fintechs and financial institutions to take advantage of the benefits of a digital economy.
For businesses and consumers, the real-time payments platform will enable credit transfers, e-invoicing and billing, real-time payment acknowledgement, remittances and bulk payments instantly. The technology will also enable instant peer-to-peer money transfers simply from smartphones and without the need of the recipient’s bank details.
The payment system will use technology that is built on the latest ISO messaging standards, fostering further innovation and integration across the globe. It will reach the majority of financial institutions and accounts, working with Saudi Payments’ third-party services, supporting anti-fraud and compliance processes.