Instant payments (sarie)
In one sentenceTransfers between local banks that reach the beneficiary's account within seconds and at any time, instead of waiting until the next working day.
Simply put
Instant payments in the Kingdom make a transfer to another bank arrive at once, even on holidays, and some services allow transferring by mobile number instead of the IBAN.
For the accountant: instant transfers reduce temporary differences in the reconciliation, but they need strong approval controls, because the money leaves and cannot easily be stopped.
Example
A supplier refuses to deliver goods on a Friday until the payment arrives, so the accountant sends the amount as an instant transfer from the bank's app. It arrives within seconds and the goods are delivered the same day.
Don't confuse it with
International wire transfer (SWIFT)Instant payments are between local banks in riyals, while international transfers go outside the Kingdom and take longer.