Article 22: Settlement of Transactions

To ensure quality of services provided for the beneficiaries and to earn their trust, the Bank must perform the following: a. Ensure that all transactions carried out through the banking Agent are posted on a real time basis for ‘in bank’ account transactions; b. Complete transactions that credit or debit accounts in other banks in accordance with SAMA clearing instructions; c. Conduct a daily reconciliation to ensure settlement is done properly; and d. Clarify responsibilities of both the Bank and the Agent towards transaction settlement risks.