Open banking is a new concept in the financial sector that aims to enable customers to share their financial data safely with Third-Party Providers to benefit from new and innovative financial products and services, ranging from bringing all accounts into a single dashboard to finding smoother patterns in everyday banking activities. Open banking relies on sharing data securely, requiring customers to allow Third-Party Providers to access their financial statements through explicit and informed consent.
Open Banking Benefits
- A secure way for customers to take control of their financial data
- Ability to share financial data securely with any Third-Party Provider permitted by the Saudi Central Bank.
- Open banking contributes to the provision of innovative and customized services and products suited to the customer's needs.
- Open banking requires the client to share his/her financial data with Third-Party Providers, and no Third-Party Provider can access the customer's information without his/her consent.
How Open Banking Works
If you want to use open banking to share your SAIB account information you will need to give your consent to the Third-Party Provider. To give your consent, you will be directed by the Third-Party Provider website or application to The Saudi Investment Bank's Open Banking Secure Authentication website.
You will then need to use your SAIB account internet banking login data at SAIB's Open Banking Secure Authentication website so that we can confirm your identity, and through this step, you can authorize Third-Party Providers to access your financial data. You can then return to the Third-Party Provider website or application and complete the required services. Customers can access the details of authorized Third-Party Providers through SAIB’s Mobile Application or Internet banking.
You can also manage or cancel the authorization to share data or any transactions made by the authorization at any time through the same channels or through the Third-Party Provider’s website or application. If you'd like to speak with us, please don't hesitate to contact us on: 8001248000 and we'll be happy to help.
FAQs
Do I have to use Open Banking?
It is optional for customers. However, Open Banking represents a qualitative shift in the financial sector, as it contributes to the provision of innovative and customized services and products suited to the customer's needs.
Who are Third-Party Providers (TPPs)?
Third-Party Providers are any company permitted by the Saudi Central Bank (SAMA) to provide open banking services under the full supervision of the Saudi Central Bank. Examples include: Personal Finance Management providers, Enterprise Financial Management providers, etc. It is worth mentioning that the Third-Party Providers cannot access the customer's information without obtaining explicit and informed consent of the client.
Why has Open Banking been introduced?
Open banking enables customers to share their financial data securely with Third-Party Providers permitted by the Saudi Central Bank to enable customers to access new and innovative services and products. Open banking contributes to increasing customers' financial awareness and management in a safe and effective manner. Open banking enables customers to compare financial services and products and choose the most suitable ones.
Is Open Banking Secure?
Yes, Open Banking APIs allow for a secure data transfer and you will always have to authorize Third-Party Providers to access your financial data. It is worth mentioning that it requires any Third-Party Providers to obtain official approvals and registration with the Saudi Central Bank, adhere to the Open Banking Framework and its Standards, and implement the cybersecurity protocols and information security procedures in force in the bank.
What data is being shared?
Third-Party Providers must disclose the required data, the purpose of the request and the duration of the retention of the data, which may include:
- Account name, number, and account balance
- Incoming and outgoing transactions, details of each transaction on your statement and your account balance after each transaction.
