SAMA Announces Issuance of Second Release of Open Banking Framework
البنك المركزي السعودي يصدر النسخة الثانية من إطار المصرفية المفتوحة
On 02/09/2024, SAMA announced the second release of the Open Banking Framework, focused on the payment initiation service, as part of efforts to strengthen the Kingdom's fintech ecosystem. The framework sets technical standards enabling banks and fintech firms to offer open banking services and defines responsibilities of related parties. Payment initiation lets fintech customers securely create payments directly from their bank accounts to beneficiary accounts. Open banking is part of the National Fintech Strategy, a pillar of the Financial Sector Development Program under Vision 2030, approved by the Council of Ministers in 2022.
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