The Saudi Central Bank (SAMA) has unveiled the second release of its Open Banking Framework, which focuses on the Payment Initiation Service (PIS).
SAMA’s Open Banking Framework consists of a set of guidelines and technical standards based on international best practices which aim to facilitate and strengthen the development of Open Banking services in the Kingdom.
The second release offers guidance and technical standards for the implementation of PIS services, allowing consumers to initiate payments directly through third-party applications securely.
The move aims to enhance the overall customer experience and transaction efficiency of payment services in Saudi Arabia.
The new release builds on previous guidance released by SAMA, focused on Account Information Services (AIS), further encouraging FinTech firms to promote new innovative products and solutions.
The guidelines also aim to clarify the role and responsibilities of stakeholders involved in PIS implementation, ensuring a smooth implementation and further support to financial institutions and FinTech firms involved in the provision of PIS services.
SAMA’s Open Banking Program is part of a National Fintech Strategy initiative approved by the Council of Ministers in 2022 and is part of the Financial Sector Development Program (FSDP) under Saudi Vision in 2030.
Latest News
-
HSBC pulls the plug on Zing payments app after just one year
-
Deutsche Bank partners with Yonyou to support Chinese FinTechs
-
Financial Ombudsman predicts fraud will make up 35% of cases over next year
-
Dutch government targets BNPL expansion in physical retail over consumer debt concerns
-
Goldman Sachs genAI assistant to mimic traits of ‘seasoned employee’
-
JetBlue launches Venmo payment option
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories