Accourt, which has extensive experience within the financial sector, will work in partnership with Saudi Business Machines (SBM), the general marketing and services representative for IBM World Trade Corporation in the Kingdom of Saudi Arabia, to deliver the 18 month programme.

The project will build on the work that SAMA has successfully led over the last five years to develop and implement a new clearing and settlement switch for its domestic debit card scheme "SPAN", the Saudi Payments Network.

Accourt will provide programme design and management experience, as well as subject matter expertise on the business and technological challenges of the contract. SAMA has remained a focal point for innovation and excellence in the region, and this programme will see the organisation taking a lead in the move to the next generation of payment systems.

The SAMA Programme Sponsor commented: "We chose Accourt and SBM because they combined world class knowledge and experience with the ability to work locally with our members and suppliers. Accourt's track record in payment systems strategy, design and deployment is excellent and we are delighted to have them as part of our team".

Adrian Cannon, Managing Director of Accourt commented: "We were especially pleased to secure this contract with our partner SBM. It provides us with a further opportunity to demonstrate that our approach of providing small but powerful teams is highly effective – and an antidote to the less cost-effective approaches of our competitors. SAMA has demonstrated innovation and leadership and we aim to help the organisation continue on that path."