Financial Sector Assessment Program : Saudi Arabia - CPSS Core Principles for Systematically Important Payment Systems

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.

Bibliographic Details

Main Authors:	International Monetary Fund, World Bank
Format:	Financial Sector Assessment Program (FSAP) biblioteca
Language:	English en_US
Published:	World Bank, Washington, DC 2011-09
Subjects:	ACCEPTABLE COLLATERAL, ACCESS POLICY, ACCOUNT BALANCES, ACCOUNT NUMBER, ACCOUNT NUMBERS, ACCOUNTING, ANTI-MONEY LAUNDERING, ATM, AUCTIONS, AUTHORIZATION, AUTHORIZATIONS, AUTHORIZED ENTITY, AUTHORIZED PERSONNEL, AUTHORIZED PERSONS, AUTOMATION, BACKUPS, BANK ACCOUNT, BANK ACCOUNTS, BANK CUSTOMERS, BANK PAYMENT, BANK PAYMENTS, BANK REGULATIONS, BANKING LAW, BANKING LAWS, BANKING SYSTEM, BANKING TECHNOLOGY, BENEFICIARY, BILL PAYMENT, BONDS, BROKER, BROKERS, BUSINESS CYCLE, BUSINESS-TO-BUSINESS, CAPITAL INVESTMENT, CAPITAL MARKET, CAPITAL MARKET LAW, CAPITAL MARKETS, CASH FLOW, CASH SETTLEMENT, CENTRAL BANK, CENTRAL BANKS, CENTRAL SECURITIES DEPOSITORIES, CENTRAL SECURITIES DEPOSITORY, CHECK CLEARING, CHECKS, CLEARING HOUSE, CLEARING HOUSES, COLLATERAL, COLLATERAL POLICY, COLLATERALIZATION, COLLATERALS, COMMERCIAL BANK, COMMERCIAL BANKS, COMMUNICATIONS NETWORK, COMPETITIVE BIDDING, CONSUMER PROTECTION, CORPORATE BOND, CORPORATE BONDS, CORPORATE SECURITIES, CREDIT INFORMATION, CREDIT INFORMATION DATABASE, CREDIT RISK, CREDIT RISKS, CREDIT TRANSFERS, CURRENCY, DATA REPLICATION, DATA SECURITY, DATA SECURITY STANDARDS, DEBIT CARDS, DEPOSIT, DERIVATIVE, DERIVATIVE PRODUCTS, DERIVATIVES, DERIVATIVES MARKET, DEVELOPMENT BONDS, DIGITAL CERTIFICATES, DIGITAL SIGNATURES, DIRECT DEBIT, DIRECT DEBITS, EBPP, ELECTRONIC BILL, ELECTRONIC BILL PRESENTMENT, ELECTRONIC BILL PRESENTMENT AND PAYMENT, ELECTRONIC TRANSACTION, ELECTRONIC TRANSACTION LAW, EQUITIES, FILE TRANSFER, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL RISKS, FINANCIAL SERVICES, FLOATING RATE, FLOATING RATE NOTES, FOREIGN EXCHANGE, FOREIGN EXCHANGE TRANSACTIONS, FRAUD, FRAUDULENT TRANSACTIONS, GLOBAL PAYMENT, GOVERNMENT SECURITIES, GROSS SETTLEMENT SYSTEM, GUARANTEE FUND, GUARANTEE FUNDS, HARDWARE, INDIVIDUAL INVESTORS, INTEREST RATE, INTEREST RATE RISKS, INTERNAL AUDITORS, INTERNATIONAL BANK, INTERNATIONAL PAYMENT CARD, INTERNATIONAL STANDARDS, INVESTING, INVESTMENT BANK, ISLAMIC BONDS, LEGAL FRAMEWORK, LEVEL OF RISK, LIQUIDITY, LIQUIDITY MANAGEMENT, LIQUIDITY RISK, LIQUIDITY RISKS, LOAN, LOW VALUE PAYMENTS, MARKET PARTICIPANT, MARKET PARTICIPANTS, MARKET PLAYERS, MARKET STRUCTURE, MARKET TRANSACTIONS, MESSAGING SERVICE, MOBILE PHONE, MOBILE PHONES, MONETARY FUND, MONEY TRANSFER, MONEY TRANSFERS, MORAL SUASION, NATIONAL PAYMENT CARD, OPEN ACCESS, OPERATIONAL RISK, OPERATIONAL RISKS, OVERNIGHT REPO, OVERNIGHT REPOS, PAYMENT CARD, PAYMENT CARD NETWORK, PAYMENT CARD NETWORKS, PAYMENT CARD TRANSACTIONS, PAYMENT FLOW, PAYMENT FLOWS, PAYMENT INFORMATION, PAYMENT INSTRUMENTS, PAYMENT NETWORK, PAYMENT PRODUCTS, PAYMENT SERVICE, PAYMENT SERVICES, PAYMENT SYSTEM, PAYMENT SYSTEMS, PAYMENT TRANSACTIONS, PAYMENTS NETWORK, PAYMENTS SYSTEM, PENSIONS, PHYSICAL SECURITY, PKI, POINT OF FAILURE, PRIMARY MARKET, PRIVATE NETWORK, PRUDENTIAL REGULATION, PUBLIC KEY, PUBLIC KEY INFRASTRUCTURE, PUBLIC POLICY, REAL TIME GROSS SETTLEMENT, REAL TIME GROSS SETTLEMENT SYSTEM, REGULATORY FRAMEWORK, RESERVES, RETAIL PAYMENT, RETAIL PAYMENT SYSTEMS, RISK CONTROL, RISK MANAGEMENT, ROLLING SETTLEMENT, RTGS, SECONDARY MARKET, SECONDARY MARKET TRANSACTIONS, SECURITIES, SECURITIES AS COLLATERAL, SECURITIES EXCHANGE, SECURITIES MARKET, SECURITIES MARKET LAW, SECURITIES REGULATOR, SECURITIES SETTLEMENT, SECURITIES TRANSACTIONS, SECURITY MARKET, SECURITY PROCEDURES, SETTLEMENT, SETTLEMENT FACILITIES, SETTLEMENT INFRASTRUCTURE, SETTLEMENT RISK, SETTLEMENT RISKS, SETTLEMENT SYSTEMS, SMART CARDS, SOFTWARE UPDATE, STAKEHOLDERS, STANDARDIZATION, STOCK EXCHANGE, STOCKS, SUKUK, SWAP, SWAPS, SYSTEM DESIGN, T-BILL, T-BILLS, TERRORISM, TRADING, TRADING SYSTEM, TRANSACTION, TRANSFER OF OWNERSHIP, TRANSFER OF SECURITIES, TRANSPARENCY, TREASURY, TREASURY BILLS, TURNOVER, VALUE OF COLLATERAL, WITHDRAWAL,
Online Access:	http://documents.worldbank.org/curated/en/2011/09/18170315/saudi-arabia-committee-payment-settlement-systems-cpss-core-principles-systematically-important-payment-systems http://hdl.handle.net/10986/15970
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