Alinma Bank enables Open Banking services based on the Open Banking Framework released by Saudi Central Bank, and it enables the use of data related to financial transactions through the use of the latest technologies that help develop and improve the financial sector in the Kingdom. Open banking is the latest and most advanced technical innovations that allow sharing customer data with the authorized third party with utmost ease and safety, as the customers’ information can only be accessed upon their consent.
Open Banking Features
- Enables customers to share data securely
- Leads to direct innovation by promoting opportunities for developing new financial products and services
- Leverage on the data associated with financial transactions to imagine and access new ways of managing money
- Customers have a choice to consent to give access to third-party providers providing explicit and informed consent
To visit Open banking developer’s webpage, please click here
To find out the Permitted Fintechs by the Saudi Central Bank, please click here
FAQ
What is open banking?
Open banking is a system that allows consumers to share their financial data securely with third-party providers through consent of the consumer.
Is open banking safe?
Open Banking is subject to strict security and data protection regulations. Consumers can also choose to share their data with third-party providers only after giving explicit consent.
How can I use open banking?
To use open banking, you need to give your consent for a third-party provider to access your banking data. You can then use the products and services provided by the third-party provider.
What data is shared in open banking?
The data that is shared in open banking includes information about your bank accounts, transactions, and balances.
How do I give permission for a third-party provider to access my banking information?
To give permission for a third-party provider to access your banking information, you need to authenticate yourself using your Alinma bank's digital channels credentials. You can then choose to share specific data with the third-party provider.
How are my personal and financial information protected in open banking?
Your personal and financial information is protected in open banking through strict security and data protection regulations. Third-party providers are also required to use secure systems and protocols to protect your data.
Can I revoke permission for a third-party provider to access my banking information?
Yes, you can revoke permission for a third-party provider to access your banking information at any time. You can do this through Alinma bank's digital channels or by contacting the third-party provider directly.
What is a third-party provider?
A third-party provider is a company that provides financial products and services using open banking APIs. These companies may include Fintech startups, established financial institutions, and others.