Sarie IPS has several limits in place to support a variety of use cases. These limits include:
• Single Transaction Limit: a global limit that is set for each payment. Any payment that exceeds this limit will be rejected by Sarie IPS to protect users from accidentally sending large amounts of money.
• Maximum Quick Transfer Limit (QTL): a limit defined by SAMA that applies to each transaction. If an Instant Credit Transfer is initiated with an amount below or equal to the Maximum QTL, then there is no need to add or activate a beneficiary prior to executing the transfer to make it easier for users to make quick, smooth payments.
• Proxy Transfer Limit: the maximum amount of funds that can be transferred using a proxy identifier.
• Quick Transfer Limit: a limit per transaction that is defined by the participants (based on their risk appetite) per customer account. For any instant credit transfer initiated with an amount below or equal to the Quick Transfer Limit, adding or activating a beneficiary prior to executing the transfer is not required.
Parenthetically, the Quick Transfer Limit must not exceed the Maximum QTL.