Open Banking

What is Open Banking?

Open Banking is a technological innovation that enables customers to securely share their data with third parties (TPPs). In recent years, several fintech companies have emerged, presenting new business models that would benefit from access to customers’ data. This opens the door to create and offer new financial services.

Open banking is a regulated banking practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs). Open banking will allow the networking of accounts and data across institutions for use by consumers, financial institutions, and third-party service providers (TPP). Open banking is becoming a major source of innovation that is poised to reshape the banking industry in KSA

Why open banking?

Open Banking will enhance trust both in customers and market participants, namely banks, fintech companies, other financial players, all of which have a pivotal role to play in this journey towards innovation and financial inclusion.

Open Banking: alrajhi bank via Open Banking represent an opportunity for stakeholders to leverage on the data associated with financial transactions to imagine and access new ways of managing money. On the other hand, customers will benefit from better financial products and services, 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.

How to use the service?

In order to be able to use Open Banking services, you must;

Have an active account with alrajhi bank
Be onboarded through service providers’ platforms (e.g., licensed Third Party Providers)
Provide your consent upon your redirection journey to ARB apps to allow Third Party providers to access your account information held at the bank.

Changed your mind?

Consent Dashboard facility provide you with the ability to manage and view giving consents with any connected service provider. You are in control to stop sharing your accounts details with any TPPs as desire.

Help & Customer Support:

List of permitted fintechs by Saudi Central Bank:

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FAQ

WHAT IS OPEN BANKING?

Open Banking is a banking practice to create an ecosystem that enables financial data ownership among customers in a secure way. It paves the way for new business models based on sharing consented data to

WHAT IS THIRD PARTY PROVIDER (TPP)? A THIRD-PARTY Provider (TPP) can be an Account Information Service Provider (AISP) or a Payment Initiation Service Provider (PISP) or bothprovision specific banking services through Third Party Providers (TPPs) to propose innovative and customized financial services and products.

WHAT IS CONSENT?

Consent is when you give an explicit permission to Third-Party Provider to access your bank account information

HOW CAN I CANCEL MY CONSENT?

You can cancel your consent through our digital channels (retail app/Business app) within Open Banking Dashboard.

Accounts> Open Banking> connected services> choose the service providers you want to cancel> manage> stop sharing

CAN THE SERVICE PROVIDER ACCESS MY ACCOUNT INFORMATION IF I CANCEL THE CONSENT?

Upon your revoke of the consent, the service provider can no longer have an access to your account information

HOW CAN I CONSENT TO USE OPEN BANKING SERVICES?

When registering to Service Provider platform, you will generate a consent for the chosen service

IS THERE A CHARGE FOR USING OPEN BANKING?

No, open banking is free.

WHAT TYPE OF ACCOUNTS CAN BE USED IN OPEN BANKING?

Retail Accounts: Accounts used for the execution of payment transactions provided by banks to individuals. Examples include; Current, Savings, Credit Card, Pre-paid, Electronic Money, Charge Card

Corporate Accounts: Accounts used for the execution of payment transactions provided by banks to Businesses. Examples include Current, Savings, Credit Card, Pre-paid, Electronic Money, Charge Card

HOW CAN I VIEW MY GIVING CONSENT?

You can view your giving consents via digital channels. After login to your accounts navigate to Accounts then click on Open Banking then click on view/manage. Your will be able to view all the details associated with that consent.

CAN A SERVICE PROVIDER MAKE PAYMENT FROM MY ACCOUNT(S)?

When registering to Service Provider platform, you will generate a consent for the chosen service. If chosen service is not associated with making payment thru your account, the service provider cannot make payment if it’s not permitted to do so. When registering to Service Provider platform, you will generate a consent for the chosen service