Saudi Central Bank launches instant payment system Sarie

The launch of the Sarie system launch is part of a series of SAMA-led initiatives to promote the national payments’ ecosystem and to enhance its infrastructure. (File/Shutterstock)
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Updated 21 February 2021
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Saudi Central Bank launches instant payment system Sarie

  • New IPS allows customers to send and receive low-value local remittances 24 hours a day

RIYADH: The Saudi Central Bank (SAMA) launched the instant payment system (IPS) Sarie, on Sunday, under the patronage of bank’s governor, Dr. Fahad bin Abdullah Al-Mubarak, through a virtual event organized by Saudi Payments, the Saudi Press Agency reported today.

Al-Mubarak said the new instant payment utility would empower the national infrastructure for digital payments, tracking the growth of the Kingdom’s payment sector over a period of more than 30 years.

The launch of the Sarie system launch is part of a series of SAMA-led initiatives to promote the national payments’ ecosystem and to enhance its infrastructure, aiming to achieve financial inclusion, said Al-Mubarak.

SAMA’s governor added that national payment systems are fundamental in strengthening the Kingdom’s pioneering position in the financial sector. They offer secure and innovative payments, meet the needs of various segments of the economy and increase the effectiveness of the liquidity circulation in the financial system by reducing the operational costs of cash handling, facilitating sending and receiving payments and driving the digital transformation in the Kingdom by increasing the volume of digital financial transactions.

The launch came after several months of meticulous work with all their partners, Saudi Payments Managing Director Fahd Al-Akeel said in a statement, adding that despite COVID-19 pandemic challenges, the speed of the instant payment system’s deployment across all local banks was the fastest of its kind in the world.

Sarie services will allow the banking sector’s clients to send and receive low-value local transactions around the clock, for a low fee not exceeding one Saudi riyal ($0.27), according to Al-Akeel.

Additionally, the system provides beneficiaries with other services and transfer options, including using the mobile number as an identifier instead of the international bank account number (IBAN) for transactions between banks, and the ability to verify the validity of the recipient’s bank account before completing the transaction.

Any financial transaction of less than SR 20,000 will be instantly credited to the recipient account by the Sarie system, Al-Akeel said.

The system also offers a quick transfer service that, upon activation by the account holder, allows the banking sector’s clients to send payments of amounts less than SR 2,500 without adding and activating the beneficiary.

Saudi Payments’ managing director declared that the system serves as an essential milestone in the process of developing payment systems in the Kingdom.

Al-Akeel said that the new IPS will enable banks and fintech companies, in particular, to develop innovative financial services that align with the requirements of the digital economy goal adopted by the Kingdom as part of its nationwide digital transformation strategy.


Artificial intelligence is transitioning into a ‘digital employee’

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Artificial intelligence is transitioning into a ‘digital employee’

  • AI can be an effective tool, business leaders tell Arab News
  • Not about jobs, but ‘convergence of human capital and AI’

RIYADH:  Artificial intelligence is fundamentally reshaping the world of work, transitioning from a supporting tool to an active partner that is radically changing the nature of professions and productivity standards.

Amidst the current global transformations, an active regional digital environment is emerging.

This is being led by Saudi Arabia through Vision 2030 and massive investments in smart infrastructure, providing a living model for studying the implications of this partnership between humans and machines on the future of work in the region.

Arab News spoke to various business leaders about the emerging shape of the sector.

Salem Bagami, co-founder of Metatalent, said the ideal relationship between humans and machines at work should be complementary and collaborative.

Humans would bring creativity, emotional intelligence, and complex decision-making, while machines excel at processing big data and performing repetitive, precise tasks.

He believes that this type of balanced partnership would lead to unprecedented productivity and innovation.

While machines excel at processing big data and performing repetitive, precise tasks, humans would bring creativity, emotional intelligence, and complex decision-making. (Supplied)

Mohammad Al-Jallad, chief technologist and director at HPE, said AI has gone beyond being merely an executive tool to becoming a “digital employee” entrusted with automating routine tasks and providing insights based on data analysis.

He believes that the real opportunity lies not in the debate over job replacement, but in “the convergence of human capital and artificial intelligence.”

AI should augment human teams by taking on menial and routine tasks, enabling employees to focus on critical thinking, creativity, and ethical reasoning, significantly improving operational results.

Bagami also emphasized the complementary nature of this partnership. “The ideal relationship between humans and machines at work is one of collaboration, where each complements the others.”

He explained that humans bring creativity, emotional intelligence, and nuanced decision-making, while machines excel at processing big data and performing repetitive tasks efficiently, leading to increased productivity and innovation.

Opinion

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Salem Alanazi, chairman of Jathwa Technology Co., notes a significant trend among Saudi Arabia companies toward using AI applications to provide faster services to customers at lower costs.

The emergence of the “virtual employee” available around the clock has eliminated the need for some traditional jobs in specific sectors.

Alanazi warns that some companies’ reluctance to adopt AI may expose them to real risks. “All those who hesitated to benefit from AI applications have a lack of understanding of these technologies.”

He said those who adopt these technologies will be able to offer lower-cost, higher-quality services, which will affect the market position of companies that lag behind.

Ali Aljumhour, CEO of VALUE Consultancy, said that the transition of AI into a partner has reshaped the list of most in-demand skills in the job market.

Skills such as “prompt engineering,” “human-machine integration,” and “digital ethics” are becoming increasingly important.

He added that AI has become an instantly available “technical knowledge base,” shifting the criteria for professional distinction toward those capable of smart interaction with these technologies.

In terms of ethics, transparency, and trust, Alanazi points to the complexities of global AI governance, where legislation overlaps and evolves rapidly to keep pace with potential risks, particularly in the areas of cybersecurity and privacy.

Ali Aljumhour, CEO of VALUE Consultancy. (Supplied)

Al-Jallad emphasizes this crucial dimension, noting that providing responsible and reliable AI solutions that meet the highest standards of transparency is a key priority, especially in regulated sectors.

Bagami believes there should be basic standards for the ethical use of Al, emphasizing the need for transparency, accountability, and fairness, along with using diverse data sets to prevent bias and protect privacy.

He believes that building trust between humans and machines requires clear explanations of how systems work, giving users the opportunity to provide feedback and conducting periodic performance reviews.

On performance evaluation, Aljumhour said: “I expect radical changes in standards, shifting from measuring individual effort to evaluating the quality of the partnership between humans and machines.”

There should be a focus on the quality of inputs provided to intelligent systems, the accuracy of review and modification, and complex decision-making based on outputs.

He warns, however, of new risks that may arise, such as over-reliance on AI or difficulty in determining responsibility for mistakes.

In the employment sector, Aljumhour expects fundamental changes in standards.

There will be questions and tests focusing on measuring skills in dealing with AI, such as asking candidates about their experiences of collaborating with these systems, or testing their ability to formulate effective requests for complex tasks.

Aljumhour identifies significant human challenges in this transition, with “fear, loss of power, and exclusivity of knowledge” being the biggest concerns for experienced employees.