Logica to provide secure infrastructure for online banking in Saudi

The Saudi Arabian Monetary Agency (SAMA), the central bank of Saudi Arabia, has selected Logica to provide a network for secure payment transactions and transfers via electronic means.

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By  Guy Mathew Published  November 18, 2002

The Saudi Arabian Monetary Agency (SAMA), the central bank of Saudi Arabia, has selected Logica to provide a network for secure payment transactions and transfers via electronic means. The solution will be a complete infrastructure for secure payments across the country demanded by the number of banks in the Kingdom rolling out e-banking services.

Logica will also be called upon to help provide a strategy for SAMA to facilitate the growth of e-commerce, m-commerce and specifically electronic bill payment and presentment. The implementation will be done in phases over the course of the next 18 months in partnership with Logica partner Oasis Technology. Logica is undertaking to provide support and maintenance for the system once installed.

It will be able to support up to 1,000 online banking transactions per second and will support the network of ATMs and point of sale (POS) terminals across the country.

“As the Saudi economy becomes less cash-based and card usage increases, the need for a leading-edge, integrated network becomes more acute, and SAMA is addressing that requirement through our partnership with Logica. Our intention with this initiative is to enable a new range of card-based financial services and enhanced service levels to consumers, while providing member banks with greater operational and cost efficiencies,” commented a spokesman for SAMA.

He added that SAMA aims to help banks offer a wider range of services to customers, such as payments via mobile phone, and at the same time boost consumer trust in the security of using cards rather than cash.

“The new SAMA initiative was awarded to Logica following a comprehensive and highly-detailed evaluation, and when completed, will be the most advanced payments control system in the entire Middle East region. The initiative also complements Logica’s existing relationship with SAMA, a long-time client for which Logica earlier created a bespoke clearing and settlement solution,” noted Derek Kemp, CEO for Logica in the Middle East.

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