ITS deploys security system in Sama bank
Dubai, June 4, 2012
ITS (International Turnkey Systems) Group, a leading software firm, has developed a security system for Saudi Arabian Monetary Agency (Sama) to manage electronic payments, digital signatures and smart cards.
The security system has been implemented for the Saudi Arabian Riyal Interbank Express (Sarie).
Sama provides the mechanism for all Saudi commercial banks to make and settle payments in Saudi riyals. It provides the basis for improved banking products and services and is the foundation for the payments system strategy of Saudi Arabia.
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 $4 trillion per year. – TradeArabia News Service
More Finance & Capital Market Stories
- United Arab signs $250m syndicated loan
- Standard Life sets up Asia advisory board
- UAE among 20 most attractive countries for M&A
- Gulf stocks surge as Fed tapering adds fuel to fire
- SABB launches graduates programme
- NBAD names key official for Hong Kong
- Commercial Bank of Dubai obtains $450m loan
- EFG Hermes names group co-chief
- Islamic bond issuance in GCC picking up
- Kuwait budget surplus likely to hit $42.4bn