Saudi Central Bank SAMA launches the second version of open banking to raise efficiency and improve customer experience

The Saudi Arabian Central Bank (SAMA) has published the second edition of its Open The second edition of the Open Banking Framework was published.

The Open Banking Framework includes technical instructions and standards that comply with international best practices, enabling banks and financial technology companies to offer open banking services in Saudi Arabia. This version also enables these entities to provide payment creation services in a reliable and secure manner. The framework also clarifies the responsibilities and obligations of all parties involved and determines the requirements related to service provision.

Payment creation services allow individual and corporate clients of financial technology companies to create payment transactions directly from their own bank accounts to the accounts of beneficiaries, allowing clients to better manage their bank accounts.

The Open Banking Program is one of the initiatives of the National FinTech Strategy, one of the pillars of the Financial Sector Development Program derived from the Saudi Vision 2030. The Strategy was approved by the Council of Ministers in 2022. The Strategy aims to make Saudi Arabia a home country and global center of financial technology and to strengthen the economic empowerment of individuals and society by building on technology-based financial services innovation.

The payment creation service, which is part of the Open Banking framework, is expected to improve the efficiency, security, and reliability of payment services in Saudi Arabia, as well as enable the creation of payment operations in a secure manner through third-party applications, thereby contributing to the FinTech strategy's It is expected to contribute to achieving the objectives of the FinTech strategy. This version represents an important stage in the Open Banking program, following the launch of the settlement account information service.