Local inter-bank money transfer within 24 hours in the offing

      Published on Monday, 2 November , 2020      746 Views     
Local inter-bank money transfer within 24 hours in the offing


Fahd Al-Akeel, executive director of Saudi Payments, a subsidiary of the Saudi Arabian Monetary Authority (SAMA),




confirmed that the system for instant financial transfers between local banks within 24 hours will be implemented before the end of this year.

Speaking to Al-Ekhbaria, he said:



“Before the end of the year, we will introduce the system of instant transfers to process transactions, and it will be within 24 hours. At present, the cutoff time for transferring money from one bank to another is 3 p.m. Any transfer made after the cutoff time is executed the next day,” he added.

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Category Business, Saudi News | 2020/11/02 latest update at 5:10 PM
Source : Saudi Gazette | Photocredit : Google
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