ITS Secures SAMA SARIE Payments Settlement Mechanism

For immediate release… For immediate release… ITS Secures SAMA SARIE Payments Settlement Mechanism Comprehensive solution enabling more than 35 million remittance transactions annually Dubai – June 3, 2012: Saudi Arabian Monetary Agency (SAMA), the central... More

For immediate release… For immediate release… ITS Secures SAMA SARIE Payments Settlement Mechanism Comprehensive solution enabling more than 35 million remittance transactions annually Dubai – June 3, 2012: 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. Less