Saudi Arabia: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the CPSS Core Principles for Systemically Important Payment Systems

International Monetary Fund

No 2013/214, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper highlights the Saudi Arabia’s Detailed Assessment of Observance of the Committee on Payment and Settlement Systems Core Principles for systemically important payment systems. The Saudi Arabian Monetary Agency (SAMA) is working to establish its payment system oversight function from an operational perspective. The power of SAMA to oversee the payment systems is stated in the central bank and banking laws. The powers of the central bank to operate, regulate, and oversee the payment systems are not detailed in the law and could be also covered by the proposed Payment System Law. Many critical aspects relating to the payment and securities settlement systems are covered in the legal framework.

Keywords: ISCR; CR; payment system; SARIE system; central bank; gateway application; SAMA oversight authority; cheque clearing process; direct debit; SARIE participant; automated teller machine; SARIE operation; oversight function; payment card; SPAN system; SARIE system place; SIPS Saudi Arabian Riyal Inter-bank Express; Payment systems; Securities; Securities settlement systems; Real time gross settlement systems; Operational risk; Global (search for similar items in EconPapers)
Pages: 45
Date: 2013-07-19
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