SEC transforms payments with the power of ISO 20022 and real-time tracking
Published: Sep 2025
Best Payments Solution
Highly Commended Winner
Saudi Electricity Company
Photo of Moath Alsuwaidan, Marwan A. Bayounes, Abdullah M. AlBowilied and Hamad Abdulaziz Al-Humaidi, Saudi Electricity Company.
Abdulrhman Khalid Alfozan
Enterprise Resource Solutions Division Manager
Saudi Arabia
Saudi Electricity Company (SEC) is the leading electricity provider in the Kingdom of Saudi Arabia, entrusted with the generation, transmission and distribution of electric power across the Kingdom. Established in 2000, SEC plays a pivotal role in the nation’s infrastructure, ensuring reliable and sustainable electricity supply to residential, commercial and industrial sectors. With a robust portfolio of power plants and advanced grid infrastructure, SEC leverages cutting-edge technologies to meet the evolving energy needs of Saudi Arabia’s dynamic economy. Committed to innovation, efficiency and environmental stewardship, SEC supports the Kingdom’s strategic objectives for economic diversification and sustainable growth.
The challenge
Saudi Electricity Company (SEC) is modernising its payment systems to align with global standards and support Saudi Arabia’s digital economy vision. Historically reliant on legacy SWIFT formats – such as MT103, MT101, and MT100 – SEC faced challenges including payment failures, lack of transparency, limited control, inefficient processing, reconciliation issues and security risks.
To address these, SEC is migrating to ISO 20022-compliant XML formats (eg pain.001 and pain.003), enabling enhanced data richness, improved tracking, greater automation, and streamlined reconciliation. This strategic shift not only boosts operational efficiency but also positions SEC as a leader in digital innovation within the region.
The solution
SEC has adopted ISO 20022 global standards, implemented bulk payment solutions, and embraced SWIFT gpi for Corporates – revolutionising payment operations through intelligent automation, faster processing, real-time monitoring, and seamless payment tracking.
Migration to ISO 20022 – SEC’s strategic transition to ISO 20022 has redefined its payment infrastructure, unlocking unprecedented levels of automation, transparency and compliance. By moving from legacy formats to a structured, data-rich framework, SEC now leverages critical ISO 20022 message types – including:
PAIN.002 (Payment Status Report) – provides real-time visibility into payment failures, reducing resolution times by 50% and minimising liquidity gaps.
PAIN.003 (Payment Return) – streamlines handling of returned payments, automating exception workflows and improving recovery rates.
CAMT.052 (Account Report) and CAMT.053 (Bank-to-Customer Statement) – enhances cash management with granular, real-time transaction details, enabling accurate liquidity insights.
This shift resolves long-standing inefficiencies such as fragmented payment tracking, delayed error resolution, and manual reconciliation – common pain points for corporate treasurers. SEC now benefits from richer data fields, including structured remittance information, which has reduced manual reconciliation efforts by 60%. The result is a future-proof ecosystem where automation drives efficiency, data intelligence mitigates risk, and ISO 20022’s universal language fosters interoperability across banks, fintechs, and corporates – solidifying SEC’s position as a pioneer in payments innovation.
SEC’s platform delivers unmatched transparency and control over payment lifecycles. Its real-time monitoring tools, combined with automated reversal mechanisms, address one of the most critical challenges in the corporate treasury: payment failures.
Best practice and innovation
Key innovations include:
Instant payment tracking – end-to-end visibility into payment statuses (initiated, processed, completed or rejected).
Automated reversal workflows – in cases of payment rejection (eg invalid beneficiary details, insufficient funds), SEC’s system triggers instant automated reversals, returning funds to the originator’s account within minutes.
Proactive notifications – treasury teams receive real-time alerts via SMS, email or API integrations for both payment completion and rejection events, enabling swift action.
Root cause analysis – AI-driven diagnostics identify recurring rejection patterns, empowering clients to address systemic issues. This automation has reduced manual intervention by 75%, accelerated exception resolution by 90%, and safeguarded liquidity for corporate clients. For example, a major SEC client reported a 50% reduction in operational losses linked to failed transactions following the implementation of reversal automation.
Swift GPI Tracking – SEC’s collaboration with SAB to launch Swift GPI Tracking marks a historic milestone as the first such implementation in Saudi Arabia. This integration provides corporates with the ability to track payments across correspondent banks, with granular status updates (eg ‘funds credited,’ ‘rejected’). Predictable cost breakdowns eliminate surprises, even for reversed transactions. Over 90% of cross-border payments are completed within minutes, with rejected payments auto-reversed instantly. The partnership with SAB has been transformational for Saudi businesses. A multinational client leveraging SEC’s Swift GPI solution reduced cross-border payment inquiries by 80%, while auto-reversals saved 200+ hours annually in treasury recovery efforts.
SEC’s innovations align with Saudi Arabia’s Vision 2030, driving digital transformation and economic diversification.
Key benefits
Cost savings.
Headcount savings.
Process efficiencies.
Return on investment.
Increased automation.
Risk mitigated.
Improved visibility.
Manual intervention reduced.
Increased system connectivity.
Future-proof solution.
Exceptional implementation (budget/time).
The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2025 awards attracted 454 nominations. To find out more please visit treasurytoday.com/adam-smith-awards
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