Mubasher, 3 September 2024: The Saudi Central Bank (SAMA) has announced the issuance of the second version of the Open Banking Framework, focusing on the payment creation service.

This initiative aims to improve the financial technology ecosystem in the Kingdom, improve customer experience, increase transaction efficiency, and provide new opportunities in the sector by offering expanded products and solutions to customers.

The Open Banking Framework includes a set of technical instructions and standards aligned with international best practices, enabling banks and fintech companies to provide open banking services in the Kingdom.

This version will allow these entities to offer the payment creation service in a reliable and secure manner, clarifying the responsibilities, obligations, and requirements related to providing the service.

The payment creation service empowers individual and institutional customers of fintech companies to create payment transactions directly from their bank accounts to the beneficiaries’ accounts securely.

This development is part of SAMA’s efforts to foster innovation and drive the growth of the financial technology sector in Saudi Arabia.

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