SAMA announces issuance of second release of Open Banking framework

According to the announcement, the new release is part of SAMA's ongoing efforts to strengthen Saudi Arabia's fintech ecosystem. This update is expected to improve the overall consumer experience and transaction efficiency while creating new opportunities for the Kingdom's fintech sector to expand its product and service offerings.

Saudi Central Bank (SAMA) has announced the issuance of the second release under the Open Banking Framework, focused on the Payment Initiation Service (PIS).

Strengthening Open Banking services

SAMA's Open Banking Framework provides a set of guidelines and technical standards, inspired by international best practices, to support the delivery of Open Banking services in Saudi Arabia. This second release standardises the way participants can securely and reliably offer Payment Initiation Services (PIS). It also clearly defines the roles and responsibilities of all stakeholders involved in providing PIS.

SAMA's Open Banking Program is a key initiative within the National Fintech Strategy, which is a core component of the Financial Sector Development Program (FSDP) under Saudi Vision 2030. The Strategy aims to position Saudi Arabia as a global fintech hub, enhancing the economic empowerment of individuals and society.

The PIS, as part of the Open Banking Framework, helps deliver the Strategy by enhancing the efficiency and security of payment services. Under PIS guidelines, consumers can initiate payment transactions from within third-party applications in a secure manner and the new release builds on previous guidance which covered Account Information Service (AIS).