Vocalink Brings Real-Time Payments To Saudi Arabia

Vocalink is teaming up with Saudi Payments to launch real-time payments in Saudi Arabia, reports in Thomson Reuters Zawya said Thursday (April 26).

A press release said that Vocalink, a Mastercard company, is collaborating with Saudi Arabian Monetary Authority (SAMA) subsidiary Saudi Payments to introduce real-time payments capabilities within Saudi Arabia. The partnership will facilitate instant account-to-account payment between financial institutions, consumers and businesses.

The capability will support credit transfers, eInvoicing and electronic billing, remittance and bulk payments and payment acknowledgement. It will also enable instant peer-to-peer money transfers between friends and family via smartphones, the companies noted, adding that the system was developed on ISO messaging standards. The firm said a “majority” of financial institutions and accounts in Saudi Arabia will be able to access real-time payments functionality.

This marks the first time real-time payments will be available in the country, the companies said, with the goal of bolstering its economy through the acceleration of digital commerce.

“Saudi Payments’ commitment to be a key player in transforming the Kingdom of Saudi Arabia into a cashless society is at the heart of our strategy and aligned with the kingdom’s Vision 2030, as prescribed in the Financial Sector Development Program,” said Saudi Payments Managing Director Ziad Bin Bandar Al-Yousef, in reference to the country’s blueprint to bolster its position on the global stage with a focus on digitizing the economy.

“We believe the kingdoms’ consumers and businesses will benefit tremendously from leveraging the power of real-time payments and help the kingdom to a smooth transition to the digital economy,” Al-Yousef continued. “Our partnership with Vocalink and IBM to enable instant payments between financial institutions, businesses and consumers will introduce innovative solutions that will benefit our society for generations.”

Mastercard’s General Manager of Saudi Arabia & Bahrain J.K. Khalil added that real-time payments showcase “tremendous potential in creating efficiencies across national economies and redefining the overall experience for users in Saudi.”