International Monetary FundWorld Bank2013-10-012013-10-012011-09https://hdl.handle.net/10986/15970The 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.en-USCC BY 3.0 IGOACCEPTABLE COLLATERALACCESS POLICYACCOUNT BALANCESACCOUNT NUMBERACCOUNT NUMBERSACCOUNTINGANTI-MONEY LAUNDERINGATMAUCTIONSAUTHORIZATIONAUTHORIZATIONSAUTHORIZED ENTITYAUTHORIZED PERSONNELAUTHORIZED PERSONSAUTOMATIONBACKUPSBANK ACCOUNTBANK ACCOUNTSBANK CUSTOMERSBANK PAYMENTBANK PAYMENTSBANK REGULATIONSBANKING LAWBANKING LAWSBANKING SYSTEMBANKING TECHNOLOGYBENEFICIARYBILL PAYMENTBONDSBROKERBROKERSBUSINESS CYCLEBUSINESS-TO-BUSINESSCAPITAL INVESTMENTCAPITAL MARKETCAPITAL MARKET LAWCAPITAL MARKETSCASH FLOWCASH SETTLEMENTCENTRAL BANKCENTRAL BANKSCENTRAL SECURITIES DEPOSITORIESCENTRAL SECURITIES DEPOSITORYCHECK CLEARINGCHECKSCLEARING HOUSECLEARING HOUSESCOLLATERALCOLLATERAL POLICYCOLLATERALIZATIONCOLLATERALSCOMMERCIAL BANKCOMMERCIAL BANKSCOMMUNICATIONS NETWORKCOMPETITIVE BIDDINGCONSUMER PROTECTIONCORPORATE BONDCORPORATE BONDSCORPORATE SECURITIESCREDIT INFORMATIONCREDIT INFORMATION DATABASECREDIT RISKCREDIT RISKSCREDIT TRANSFERSCURRENCYDATA REPLICATIONDATA SECURITYDATA SECURITY STANDARDSDEBIT CARDSDEPOSITDERIVATIVEDERIVATIVE PRODUCTSDERIVATIVESDERIVATIVES MARKETDEVELOPMENT BONDSDIGITAL CERTIFICATESDIGITAL SIGNATURESDIRECT DEBITDIRECT DEBITSEBPPELECTRONIC BILLELECTRONIC BILL PRESENTMENTELECTRONIC BILL PRESENTMENT AND PAYMENTELECTRONIC TRANSACTIONELECTRONIC TRANSACTION LAWEQUITIESFILE TRANSFERFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL RISKSFINANCIAL SERVICESFLOATING RATEFLOATING RATE NOTESFOREIGN EXCHANGEFOREIGN EXCHANGE TRANSACTIONSFRAUDFRAUDULENT TRANSACTIONSGLOBAL PAYMENTGOVERNMENT SECURITIESGROSS SETTLEMENT SYSTEMGUARANTEE FUNDGUARANTEE FUNDSHARDWAREINDIVIDUAL INVESTORSINTEREST RATEINTEREST RATE RISKSINTERNAL AUDITORSINTERNATIONAL BANKINTERNATIONAL PAYMENT CARDINTERNATIONAL STANDARDSINVESTINGINVESTMENT BANKISLAMIC BONDSLEGAL FRAMEWORKLEVEL OF RISKLIQUIDITYLIQUIDITY MANAGEMENTLIQUIDITY RISKLIQUIDITY RISKSLOANLOW VALUE PAYMENTSMARKET PARTICIPANTMARKET PARTICIPANTSMARKET PLAYERSMARKET STRUCTUREMARKET TRANSACTIONSMESSAGING SERVICEMOBILE PHONEMOBILE PHONESMONETARY FUNDMONEY TRANSFERMONEY TRANSFERSMORAL SUASIONNATIONAL PAYMENT CARDOPEN ACCESSOPERATIONAL RISKOPERATIONAL RISKSOVERNIGHT REPOOVERNIGHT REPOSPAYMENT CARDPAYMENT CARD NETWORKPAYMENT CARD NETWORKSPAYMENT CARD TRANSACTIONSPAYMENT FLOWPAYMENT FLOWSPAYMENT INFORMATIONPAYMENT INSTRUMENTSPAYMENT NETWORKPAYMENT PRODUCTSPAYMENT SERVICEPAYMENT SERVICESPAYMENT SYSTEMPAYMENT SYSTEMSPAYMENT TRANSACTIONSPAYMENTS NETWORKPAYMENTS SYSTEMPENSIONSPHYSICAL SECURITYPKIPOINT OF FAILUREPRIMARY MARKETPRIVATE NETWORKPRUDENTIAL REGULATIONPUBLIC KEYPUBLIC KEY INFRASTRUCTUREPUBLIC POLICYREAL TIME GROSS SETTLEMENTREAL TIME GROSS SETTLEMENT SYSTEMREGULATORY FRAMEWORKRESERVESRETAIL PAYMENTRETAIL PAYMENT SYSTEMSRISK CONTROLRISK MANAGEMENTROLLING SETTLEMENTRTGSSECONDARY MARKETSECONDARY MARKET TRANSACTIONSSECURITIESSECURITIES AS COLLATERALSECURITIES EXCHANGESECURITIES MARKETSECURITIES MARKET LAWSECURITIES REGULATORSECURITIES SETTLEMENTSECURITIES TRANSACTIONSSECURITY MARKETSECURITY PROCEDURESSETTLEMENTSETTLEMENT FACILITIESSETTLEMENT INFRASTRUCTURESETTLEMENT RISKSETTLEMENT RISKSSETTLEMENT SYSTEMSSMART CARDSSOFTWARE UPDATESTAKEHOLDERSSTANDARDIZATIONSTOCK EXCHANGESTOCKSSUKUKSWAPSWAPSSYSTEM DESIGNT-BILLT-BILLSTERRORISMTRADINGTRADING SYSTEMTRANSACTIONTRANSFER OF OWNERSHIPTRANSFER OF SECURITIESTRANSPARENCYTREASURYTREASURY BILLSTURNOVERVALUE OF COLLATERALWITHDRAWALWorld Bank10.1596/15970