The Saudi Central Bank (SAMA) announced the completion of connectivity to the Social Development Bank via “Tanfeeth” program. The underlying objective is to optimize system connectivity and integration between Saudi government entities and banks operating in the Kingdom of Saudi Arabia, with a view to promoting automation of processes and efficiency of work flows to help realize Saudi Vision 2030 objectives. The “Tanfeeth” program seeks to promote operational efficiency by overcoming procedural hurdles in coordination with the government entities. It is also a step towards achieving SAMA’s strategic objectives by upgrading its IT infrastructure for optimizing administrative processes including speed, quality, and integration with the financial institutions operating in the Kingdom.
Source: IBP