Riyadh, September 2, 2024 — The Saudi Central Bank (SAMA) has officially announced the release of the second phase of its Open Banking Framework, focusing on the Payment Initiation Service (PIS). This latest development marks a significant step forward in SAMA’s ongoing efforts to strengthen the Kingdom’s fintech ecosystem.
The introduction of PIS under the Open Banking Framework is poised to significantly enhance the consumer experience by streamlining transactions and increasing efficiency. It also opens up new opportunities for the Saudi fintech sector, enabling it to offer a broader range of products and solutions to customers.
SAMA’s Open Banking Framework is a comprehensive set of guidelines and technical standards, grounded in international best practices, designed to facilitate the provision of open banking services across Saudi Arabia. This second release standardizes how participants can reliably and securely offer PIS, while also clarifying the roles and responsibilities of all stakeholders involved.
The Open Banking Program is a key initiative under the National Fintech Strategy, one of the core pillars of the Financial Sector Development Program (FSDP) aligned with Saudi Vision 2030. Approved by the Council of Ministers in 2022, the National Fintech Strategy aims to position Saudi Arabia as a global fintech hub, fostering the economic empowerment of individuals and society at large.
PIS, as part of the Open Banking Framework, is instrumental in achieving this strategy by enhancing the efficiency and security of payment services in the Kingdom. Under the new PIS guidelines, consumers will be able to initiate payment transactions directly from third-party applications in a secure manner, building on the foundational guidance provided in the first release, which focused on Account Information Service (AIS).
For more detailed information, please visit the Open Banking Program website at openbanking.sa.
