Riyadh - SPA
SAMA Rolls Out “Esal” Digital Invoicing System to Support Saudi Government Entities and Businesses

The Saudi Arabian Monetary Authority (SAMA) has announced the launch of
Esal, an e-Invoicing business payment platform that will revolutionize
the payment processes for government entities and businesses in the
Kingdom. In line with international best practices, the platform will
significantly improve the competitiveness of the Saudi economy.

In line with Saudi Vision 2030 and the objectives of the financial
sector development program that aims to raise the digital financial
transaction rate, Esal, will help reduce transaction costs and promote
organizational efficiency by simplifying the invoicing process between
suppliers and various government entities and business sectors. The
platform will also improve payment management by providing better
visibility on invoice status and access to user-friendly graphs and
payment analyses while enabling reconciliation and settlement through an
integrated digital control panel. In addition, the one-stop solution
will limit the need for cash collection, thus creating significant cost
savings.

Commenting on the launch of the new platform, Hashem bin Othman
Alhekail, Deputy Governor for Banking Operations at SAMA, said: "At
SAMA, we strive to boost non-cash transactions, make financial services
more accessible to small and medium sized enterprises (SMEs) and
consistently adopt new technologies in line with our Integrated Digital
Payment Strategy. Across the globe, we have recently seen e-invoicing
spread with increasing speed, with the benefits of country-wide adoption
being felt across Europe and Latin America. With this in mind, we
developed a business-friendly platform that will support Saudi Arabia's
thriving economy. With plans to add additional functionalities to the
service throughout the coming year to further improve B2B payment
processes, we strongly believe that Esal will be the key to unlocking
significant growth for the Kingdom, in line with Vision 2030's
objectives."

The platform service spans the entire invoice lifecycle - from the
time the invoice is raised to the bill settlement - therefore enabling
users to digitally send invoices to their customers, receive electronic
payments and automate reconciliation. In addition, by supporting
optimized cash flow management, Esal will particularly benefit SMEs in
Saudi Arabia.

Ziad Al Yousef, Managing Director of Payment Systems at SAMA, said:
"The payments landscape has been increasingly shifting towards
electronic methods in KSA. While the B2C sector has benefited from
having access to a panoply of payment options provided by the national
payment system, we developed Esal because wanted to ensure that
businesses and governments also had a secure solution to electronically
transfer invoices and collect payments in a swift and transparent way.
Further, by facilitating interactions between suppliers and buyers, our
service will enable immense improvements in customer experience,
financial management and collections and bring about substantive
benefits to the broader Saudi economy."

Leading firms across several industries including Insurance, Retail,
Healthcare, Industrial goods and Logistics in both public and private
sectors have already signed up to use the Esal platform, which is
available to all businesses and government entities in Saudi Arabia.
Please visit www.sadad.com

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