The Saudi Central Bank (SAMA) has announced the second release under its Open Banking Framework, focusing on the Payment Initiation Service (PIS). This development aims to strengthen Saudi Arabia’s fintech ecosystem by improving consumer experience, boosting transaction efficiency, and creating new opportunities for the sector to offer innovative products and solutions.
The new release provides guidelines and technical standards for offering PIS securely and reliably. It also clarifies the roles and responsibilities of all stakeholders involved in the provision of PIS services.
This initiative is part of SAMA’s Open Banking Program under the National Fintech Strategy, a pillar of the Financial Sector Development Program (FSDP) within Saudi Vision 2030. The strategy aims to position Saudi Arabia as a global fintech hub, fostering economic empowerment for individuals and society.
PIS, along with the previously released Account Information Service (AIS) guidelines, enhances the efficiency and security of payment services, allowing consumers to initiate transactions through third-party applications in a secure manner.
