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Open Banking

Open Banking

​Bank Albilad enables financial data ownership among customers in a secure way. It paves the way for new business models based on sharing consented data to provision specific banking services through Third Party Providers (TPPs) to propose innovative and customized financial services and products

Features


  • The ability to securely share customer account data with third parties for additional innovation solutions and services 
  • The customer can provide and cancel the data through the Bank Albilad application or through the Third-Party Provider
  • The ability of presenting customer bank accounts from several banks on a third-party app licensed by the Central Bank
  • Enabling the customer to monitor his financial behavior by viewing the transactions executed on his bank accounts
  • Open banking can help individuals better manage their finances by providing them with a more complete picture of their financial situation and enabling them to track their spending and savings more effectively and improving budgeting, savings, investments, and other financial activities. 

FinTech Features

Open banking APIs provide numerous opportunities for fintech companies to create innovative financial products and services. By consuming a bank's API, fintechs can access a wealth of data and features, including:
  • Account Information Services (AIS): Access to account balances, transaction history, and account details, enabling fintech's to provide customers with a comprehensive view of their financial situation.
  • Payment Initiation Services (PIS): The ability to initiate payments directly from a customer's bank account, offering a seamless and secure payment experience.
  • Customer Identity Verification: Access to customer identity information, allowing fintechs to perform Know Your Customer (KYC) checks and comply with Anti-Money Laundering (AML) regulations.
  • Account Aggregation: The ability to aggregate data from multiple banks and financial institutions, providing customers with a holistic view of their finances.
  • Personal Financial Management (PFM) Tools: Access to customer data enables fintechs to develop budgeting, savings, and investment tools tailored to individual needs.
  • Lending Services: Access to customer financial data can help fintechs assess creditworthiness and offer personalized lending products.
  • Faster Onboarding: Streamlined customer onboarding processes, as customers can quickly grant permission for fintechs to access their bank data.
  • Innovation and Collaboration: Open banking APIs foster collaboration between banks and fintechs, driving innovation in the financial services industry.

Required Documents

  • The customer must have an active bank account
  • The customer must onboard with a 3rd party app and agree to any relevant terms and conditions (e.g. regarding sharing and storage of personal data) and setting up an account with them if required
  • The customer must grant explicit consent to allow the 3rd party app to access their payment account held at the bank for the provision of an Open Banking service

FAQs


What is the meaning of Open Banking consent?

It is the practice of enabling customers of Bank Albilad to share their financial data securely with a third-party provider

How to consent Open Banking services? 

After registering to Third-party applications, you will be redirect to Bank Albilad App to provide your consent for using their Open Banking services. To view your consents, click on the icon on the bottom right of the screen. Click on Open Banking and view the whole list. 

How to view the consent of each service?

After providing your consent to a third-party, login to Bank Albilad App and click on the icon on the bottom right of the screen. Click on Open Banking, click on manage for the respective consent to view its details

How to revoke the Open Banking consent? 

In the consent screen, scroll down and click "Stop sharing" button

How to revoke all Open Banking consents?

After login, click on the icon on the bottom right of the screen. Click on Open Banking to view the whole list then click "Stop All Connections "

What is the meaning of providing consent in Open Banking?

Providing consent in Open Banking means granting permission from the customer to share their financial data securely with the third parties to provide new and innovative financial services and products

How to review the Open Banking permissions? 

In the consent screen, you can view all the permissions and other details related to this specific consent

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All Rights Reserved © 2024 Bank Albilad is a Saudi joint stock company, with National Unified No. 7001473102, Head Office: Al Mutamarat 8229, Building No 2, RIYADH 3952 - 12711, KSA. Under monitoring and supervision of Saudi Central Bank and licensed by Royal decree 48/M on 1425/9/21H (4/11/2004 G).


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