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ITS Secures SAMA SARIE Payments Settlement Mechanism

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ITS Secures SAMA SARIE Payments Settlement
                Mechanism
      Comprehensive solution enabling more than 35 million remittance transactions
                                       annually

Dubai – June 3, 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 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.


“Once again, ITS has proved that it has the ability to meet the requirements of one of
its major clients, SAMA, one of the biggest monetary agencies in the region, due to its
activities and responsibilities in one of the largest markets,” said Khalid Faraj Al Saeid,
ITS Managing Partner and General Manager.


“Solutions provided by ITS to SAMA are a model of security measures that any agency
like SAMA would like to implement, as it carries out millions of banking transactions
daily and requires protection and confidentiality,” he added.
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.


                                           -ENDS-

About ITS Group
Founded in 1981, the ITS Group is a leading solution provider for both Islamic and
conventional banks. ITS has been ranked as one of the top three companies worldwide that
are considered T1 Islamic Solutions providers. The ITS ETHIX financial solutions are a certified
Islamic Finance Module and comply with AAOIFI standards. ITS is also the only company
globally to convert banks from conventional to Islamic systems, as noted in the “Gartner
Report” of July 2010. For more information, please visit www.its.ws.




For media requests, please contact:


Phone +971 (4) 4472501
Email: team@tcf-me.com
P.O. Box 29764, Dubai, United Arab Emirates
Fax +971 (4) 447 2505




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posted:6/5/2012
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