It is a service launched by Instant Payments System "sarie" one of the Saudi Payments' systems, that enables real-time verification of the beneficiary's account information, allowing the beneficiaries to match the account information before completing the transfer process. The service will facilitate fund transfer transactions, reduce operational costs, increase efficiency, consider transparency and security, and reduce fraud and human errors.
Account Verification for Corporate
It is a new service allows corporate banking to ensure that the account matches the ID and knows its status before transferring to it.
After entering the following information:
- Identity number / Iqama / unified number for companies.
Account Verification while adding and activating the beneficiary (for individuals and corporate):
It is a new service that allows the beneficiaries of the “sarie” system to verify the name of the beneficiary immediately before adding or transferring to the recipient, as the first name will be shown in full and the last name in part so that the sender of the transfer can match the name with the IBAN.
- Reducing operational costs and increasing their efficiency
- Facilitating fund transfer transactions
- Raise the level of transparency and security
- Increase the reliability of fund transfer transaction
- Reducing the manual entry
- Verify the name of the beneficiary immediately
- Reducing fraud and human errors.
- Reducing the risks associated with money transfers to anonymous accounts