The Saudi Arabian Monetary Agency (SAMA) has selected Information technology (IT) firm Logica to provide a new payments network solution to enable electronic funds transfers in the Kingdom.
The new initiative, which is a multi-million dollar commitment and will be at the heart of SAMA's business, will be supplied, implemented, and supported by Logica in partnership with Oasis Technology. As part of the project, Logica will provide consultancy services in electronic bill payment and presentment (EBPP), e-commerce, m-commerce, and smart card strategy.
SAMA's enhanced payment network is designed to support the widespread deployment of electronic banking services across Saudi Arabia, while creating secure infrastructure for the anticipated growth in card transaction volumes. The new network is forecasted to handle up to 1,000 banking transactions per second, and support thousands of ATM and point-of-sale terminals throughout the Kingdom.
The new SAMA payment network will be implemented over four phases within the next 12-18 months, and Logica is set to provide all implementation work, as well as project management, consultancy, support, training, and maintenance of the new system.
Established in 1952, SAMA is the central bank of Saudi Arabia. As part of its operations, SAMA issues national currency, the Saudi riyal, and acts as a banker to the government. SAMA also supervises commercial banks, and advises the government on public debt.
In addition, SAMA manages Kingdom's foreign exchange reserves, conducts monetary policy for promoting price and exchange rate stability, and promotes the growth and ensures the soundness of the financial system. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
