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The recent launch of this platform is expected to contribute to KSA’s adoption of open banking-enabled digital technologies.
Open Banking has previously been identified as extremely important to the development of KSA’s financial sector and financial inclusion rate.the aforementioned Central Bank of Saudi Arabia (looks).
Just this month, SAMA unveiled the much-anticipated Open Banking Framework to oversee the kingdom’s preparations for the arrival of open banking next year.
This includes obligations for banks to have their Account Information API available by the end of 2022 and their Initiate Payments API available by March 2023.
With deadlines looming, Salt Edge’s Open Banking Compliance solution provides a viable route for regional banks to achieve compliance within three months.
the platform is already KSA Bank Sandbox Show how it starts.
Salt Edge has become a formidable figure on the European open banking scene. Since the continent’s launch of Open Banking in 2019, the company has assisted various banks and institutions with their Open Banking connectivity and regulatory requirements.
These include western union, Odu When guarantee trust Bankamong other things.
Recognizing the importance of open banking capabilities to KSA and its benefits to Saudi Vision 2030, Salt Edge plans to continue its success in Europe with the deployment of its solution in Saudi Arabia.
With a move like this, we hope financial institutions will allow consumers to share transaction data, initiate payments via trusted fintechs, and get better financial results.
Salt Edge has built strategic partnerships in the region. Finastra, Temenos When Manbu Above all, we strive to help financial institutions innovate, grow and deliver customer value.
As for expansion, arena BellutaThe platform’s Chief Growth Officer predicts that Saudi Arabia will adopt open banking at a faster pace than other regions.
She cites thoughtful regulators, standardized mandates for API development, and increasing market demand as key drivers for this adoption.
Fintech apps, enterprises, small businesses, merchants, lenders, and financial service providers of all kinds have shown great interest in implementing open banking-powered solutions, Beleuta confirms.
Today, the key to success with open banking is educating all stakeholders about its benefits and helping build as many viable business use cases as possible.
ISO 27001 certified and compliant with SAMA’s cybersecurity framework, Salt Edge employs international security measures to ensure connectivity between financial institutions and their customers.
The company has participated in SAMA’s Open Banking Lab and has partnered with both regional banks and fintechs to submit to SAMA’s regulatory sandbox for several use cases.
Our message to local banks and financial stakeholders is to do our best and develop services and products that meet consumer expectations, Beleuta concludes.
