ITS Secures SAMA SARIE Payments Settlement Mechanism
Comprehensive solution enabling more than 35 million remittance transactions annually.
- (1888PressRelease) June 06, 2012 - Dubai - Saudi Arabian Monetary Agency (SAMA), the central bank in the Kingdom, has set itself apart as a first-rate financial institution after the implementation of a security system for the Saudi Arabian Riyal Interbank Express (SARIE), which commenced live operation in May 1997. It provides the mechanism for all Saudi commercial banks to make and settle payments in Saudi Riyals (SAR). SARIE provides the basis for improved banking products and services and is the foundation for the payments system strategy of the Kingdom.
Leading solution and software services provider, ITS (International Turnkey Systems) Group, assisted in developing the high-level information security system, that was built to manage all information related to electronic payments, digital signatures and smart cards.
Due to the increase in banking activities in Saudi Arabia, there was an essential need for a security information system that provided confidentiality and speedy transactions. The system protects the bank's critical data pertaining to e-payments and e-signatures.
"Once again, ITS has proved that it has the ability to meet the requirements of one of its major clients, SAMA, one of the biggest monetary agencies in the region, due to its activities and responsibilities in one of the largest markets," said Khalid Faraj Al Saeid, ITS Managing Partner and General Manager.
"Solutions provided by ITS to SAMA are a model of security measures that any agency like SAMA would like to implement, as it carries out millions of banking transactions daily and requires protection and confidentiality," he added.
ITS provided SAMA with a comprehensive solution aimed at protecting more than 35 million remittance transactions, amounting to more than USD14 trillion per year. ITS pledged to continue developing SAMA's security systems, in order to make Saudi Arabia the most advanced monetary agency in the region.
ITS is a leader in software services and solutions with decades of experience and hundreds of leading banks and financial institutions as clients. The company is the largest home grown technology solutions provider in the Gulf Cooperation Council (GCC) region with over 1,500 software developers and 18 offices around the world.
About ITS Group
Founded in 1981, the ITS Group is a leading solution provider for both Islamic and conventional banks. ITS has been ranked as one of the top three companies worldwide that are considered T1 Islamic Solutions providers. The ITS ETHIX financial solutions are a certified Islamic Finance Module and comply with AAOIFI standards. ITS is also the only company globally to convert banks from conventional to Islamic systems, as noted in the "Gartner Report" of July 2010. For more information, please visit www.its.ws.
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