Comprehensive solution enabling more than 35 million remittance transactions annually
Saudi Arabia – April 12, 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.
“Due to this agreement, the Kingdom of Saudi Arabia shall be placed equally with advanced countries in terms of security, confidentiality, and the speedy exchange of banking information, remittances and other transactions between banks and customers. The agreement highlights a 14-year relationship between ITS and SAMA and illustrates that ITS is a trusted partner,” said XXX SAMA.
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.
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.