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.
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