Publication: Financial Sector Assessment Program : Saudi Arabia - CPSS Core Principles for Systematically Important Payment Systems
Date
2011-09
ISSN
Published
2011-09
Author(s)
International Monetary Fund
World Bank
Abstract
The present document is the assessment
of the systemically important payment systems in the Kingdom
of Saudi Arabia (KSA) based on the CPSS Core Principles for
Systemically Important Payment Systems (CPSIPS). The
document also contains an analysis of some developmental
issues related to the reform of the payments system as a
whole. The assessment was conducted in the context of the
field mission of the Financial Sector Assessment Program
(FSAP) Update to the KSA (April 2011). The assessor of the
CPSIPS was Massimo Cirasino. The national payments system
(NPS) in Saudi Arabia efficiently serves the needs of a
broad set of users. In particular, SAMA has implemented a
comprehensive and robust infrastructure to support the
provision of payment services and products by commercial
banks. The infrastructure is primarily concentrated on
payments in riyals and comprises the following systems: (i)
the Saudi Arabian Riyal Interbank Express (SARIE) real time
gross settlement (RTGS) system, which processes a wide range
of large-value and small-value payments and provides
settlement facilities for a number of clearing systems, as
well as for transactions executed at the Tadawul stock
exchange; (ii) the check clearing houses operated at SAMA
branches; (iii) automated teller machine (ATM) and
point-of-sale services provided through Saudi payments
network; (iv) electronic bill presentment and payment
processed by the national electronic bill presentment and
payment service; (v) the Public Key Infrastructure (PKI)
which provides advanced security facilities; and (vi) the
SAMA Joint Network (SJN) providing a highly secured
communications network. The NPS in Saudi Arabia is
characterized by a high level of standardization.
Citation
“International Monetary Fund; World Bank. 2011. Financial Sector Assessment Program : Saudi Arabia - CPSS Core Principles for Systematically Important Payment Systems. © World Bank, Washington, DC. http://hdl.handle.net/10986/15970 License: CC BY 3.0 IGO.”