Today, Open Banking in Saudi Arabia is still in the first phase: Aggregation. This means apps can, with user consent, view bank account data from multiple banks in one place.
They can read: Balances, Transactions, Expenses, and Account Details.
However, they cannot execute any financial transactions. You cannot transfer, deduct, pay bills, or set up Standing Orders. It is strictly a Read-Only phase.
This phase is crucial as it lays the foundation for Open Finance. Without clear, unified, and stable data, you cannot move to transaction execution.
Next Step: Payment Initiation
Here, apps can, with specific permissions, execute financial transactions on behalf of the client under full SAMA supervision, such as:
- Transfer between accounts.
- Bill payments.
- Service purchases.
- Subscription management.
- Direct bank deductions instead of cards.
This phase will open the door to entirely new products like: Wallets linked directly to bank accounts, cardless subscriptions, instant financing solutions, and payment systems rivaling traditional cards.
"We are just at the beginning with Aggregation. But the path is clear, and what is coming is much bigger than just displaying balances."