This collaboration marks a key milestone for payments innovation in the region and is aligned with Saudi Payments' aim to improve the Kingdom's financial ecosystem, mainly through the adoption of faster payments and improvements to banking reconciliation. Today, 'sarie' supports all Saudi banks across the Kingdom and is available for use by their customers. The introduction of 'sarie' is in line with Saudi Arabia's Financial Sector Development Program (FSDP) under Saudi Vision 2030, which targets achieving 70% non-cash transactions by 2030. Saudi Payments Managing Director Fahad Al-Akeel said, "The instant payments system 'sarie' can enable us to drive usage and engagement across the Saudi payments ecosystem of banks and businesses. It can help lay the foundation for new payments business initiatives, encouraging financial inclusion and banking reconciliation of Saudi banks. We welcome this momentous collaboration with IBM and Mastercard. It is a huge step forward that aligns with our ongoing smart solutions and payments modernization strategy, aimed towards achieving the assigned goals in vision 2030."

https://www.finextra.com/pressarticle/87227/saudi-payments-switches-on-instant-payment-system?member=116045