Some of Payments Types Handled by SARIE

Interbank Payments

An Interbank Payment is used when the Remitter and the Beneficiary are Participants, non-resident Banks, or SAMA, mostly these payments are purely for special banking activities.

Customers Payments

A Customer Payment is used when either the Remitter or the Beneficiary or both is not a Participant, a non-resident bank, or SAMA.

Single Payment

Single Payments are each limited to one payment transaction between the Participants and not the netted effect of more than one payment. Single payments can be customer or interbank, same-day or forward value messages.

Bulk Payments

Bulk Payments are multiple payment instructions sharing the same type and maturity date (value date), often are with same nature and for specific purpose. Bulk payments can be either interbank or customer, same-day or forward value dated messages, but may not be a mix of these.

Same Day Payments

Same day payments are payments that are to be settled immediately upon receipt by the SARIE system throughout the same business day (value date).

Forward Payments

Forward Payments are those to be applied on a value date ahead of the current value date. Payments may be up to 14 days forward of entry day. The forward value date must be a valid SARIE business day.

Direct Debit Payments

Direct Debit Payments are forward payments in which the beneficiary (Originator) is the message sender and the receiver's (Payer's) account is debited directly if there are sufficient funds to cover the payment. These payments are usually used to collect amounts due from Payers or to pay utility bills and transfer funds through the SARIE system to the Originator's bank account with no need for the Payer visiting his bank. For more information, refer to the Direct Debit Scheme Manual.