The Director General of the General Administration of Payment Systems at SAMA, Ziyad Al Yousuf, stressed that Eysal platform delivers a clearer picture of the entire billing process to businesses and government agencies, through starting from raising the bill to offering, paying and settling the bill.
This led to fully automated process. He pointed to the extent of independence and compatibility between the payment systems in the Kingdom and the standards of international payment systems.
On Tuesday, October 30, 2018, a workshop was organized by Asharqia Chamber in cooperation with the Committee for Information and Awareness of Banking in Saudi Banks, which was chaired by the Secretary General of the Committee on Information and Awareness Bank of Saudi banks, Talaat bin Zaki Hafez, with the presence of the Secretary General of the Chamber, Abdul Rahman bin Abdullah Al Wabel, and a number of businessmen and interested individuals.
During the workshop, Ziyad al-Yusuf reviewed the payment systems in the Kingdom and its reality and future and the benefits that involved.
He stressed the independence and compatibility of payment systems in the Kingdom with the standards of international payment systems.
He pointed out that the Kingdom currently has about 29 thousand bank cards and more than 300 thousand points of sale and more than 18 thousand ATMs in more than 150 cities and villages.
Comprehensive solutions
Al Yousuf said that the Saudi Arabian Monetary Agency (SAMA) is constantly updating and developing as it provides consumers with comprehensive billing and billing solutions. In 2016, the SADAD Account Service launched its secure and online payment option for merchants and consumers via the Internet.
In the middle of this year, Eysal platform was launched, which is a national electronic platform for business invoices that aims to facilitate the mechanism of making payments between government agencies and different business sectors and suppliers that deal with these entities.
He pointed out that the platform (Eysal) will reduce the costs of financial transactions and works to improve the process of managing payments as well as reducing the collection of cash.
Al-Yousef explained that the bank payments in the Kingdom has turned a major shift towards electronic means, and there is a wide range of electronic payment options, which are enabling individuals and companies to complete their transactions safely and conveniently.
He emphasized the evolution of the process of time to implement the purchasing operations through points of sale, as it take only eight seconds and to three and a half seconds for one operation.
Al-Yousef said that the Digital Interaction Platform (Dip) aims to create an integrated digital environment for banking services in the local market.
He pointed out that it supports the trends of financial inclusion and provides the tools necessary to transform the shadow economy transactions of the real economy, as well as enabling financial technology companies to integrate with the banking sector to provide value added services and create an interbank environment and all payment system services.
Uses of cash
Furthermore, Al-Wabel said that since the establishment of the Saudi Arabian Monetary Agency (SAMA) in the 1950s, the Bank's payment systems in the Kingdom have developed significantly and are ranked among the world's most advanced countries.
For example, the fast-moving system of remittances and settlements (Sarie) is a revolution in the provision of banking services in the Kingdom, as well as payment system (MADA), which exceeded the dimensions facilitate the normal business transactions by providing detailed data on vital sectors in the national economy, as well as the electronic (Eysal) platform for business invoices, as it will facilitate the process of making payments between government agencies and different business sectors.
He pointed out that all these developments and others are in line with the vision of the Kingdom of 2030 and the objectives of the program of financial sector development by creating an advanced financial sector that contributes effectively to achieve the economic development objectives of the Kingdom.
Al-Wabel appreciated the great efforts exerted by the wise government, represented by the Saudi Arabian Monetary Agency, to reduce the use of cash and facilitate the payment and collection procedures and increase the electronic dealings between the various concerned parties and continuous improvements to all payment systems.
At the end of the workshop, the secretary-general of Asharqia Chamber, Abdulrahman bin Abdullah Al-Wabil, honored the Director General of the General Administration of Payments Systems at SAMA, Ziad Al Yousif, and the Secretary General of the Committee for Information and Banking Awareness of Saudi Banks, Talaat Bin Zaki Hafez, with commemorative plaque.
