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Open Banking

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Open Banking is a banking practice to enable customers of financial institutions to share their financial data securely with Third-Party Providers permitted by the Saudi Central Bank, which in turn provide new and innovative financial services and products for customers, ranging from bringing all accounts into a single dashboard to creating smoother journeys into daily banking activities. Data are securely shared, and customers have a choice to consent to give access to Third-Party Providers providing explicit and informed consent. Examples of Open Banking services are Personal Finance Management (PFM) platforms, Enterprise Finance Management (EFM) platforms, Credit Risk Assessment, EStatement as a Service, and Letter of Guarantee as a Service.


Overview:

Open Banking offers innovative and customized financial services and products, as well as increasing the efficiency of the banking system, such as: • View of customer’s consolidated financial data across multiple payment accounts • Enabling the customer to monitor his financial behavior by viewing the transactions executed on his bank accounts • Provides various new investments technology options through permitted Third Party Providers (TPPs)

How to use Open Banking:

  • You must have an active Riyad Bank account.
  • You must be onboarded through a permitted third-party provider.
  • You must give an explicit consent through the TPP to grant access to your account information.

Permitted Third Party Providers (TPPs):

You can learn more about the permitted Third Party Providers (TPPs) that are currently in the market through the below link: 
 

List of Integrated Third-Party Providers (TPPs) with Riyad Bank:

  • Drahim
  • Malaa

Frequently Asked Questions

Is Open Banking Safe?
What are the benefits and advantages of Open Banking?
What data is shared?

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