The High Growth of Open Banking, How to Be on the Right Track?

SAMA’s open banking implementation is a huge leap forward for the Kingdom of Saudi Arabia's Financial Sector. It came as no surprise to spectators that SAMA made such a big announcement with visionary targets and timelines from all market players.

SAMA’s position is driven by their extreme vigilance in paving the kingdom's architectural runway for the financial ecosystem stakeholder (Banks, PSUs, Fintech (TPPs), etc.) and attention to stakeholder needs, ensuring a strong go-live for KSA open banking.

While SAMA’s timeline looks tough and extremely demanding, especially for those who don’t understand the Kingdom’s vision, culture, and needs of financial institutions. KSA Open Banking Security standards mandated by SAMA include:

  • FAPI Security Profile 1.0 – Part 2 Advanced.
  • Push Authorization Request (PAR).

But that’s not all; the integration solution isn’t just about the API specification and performance standards.

With SAMA and FSDP targeting +230 operational fintech (TPPs) in KSA by 2025, choosing the right approach to adopt the launch of the open banking proposition can mean the difference between a successful launch of the open banking proposition, getting penalized by SAMA, or even risking the loss of market share.

KSA Open Banking and Blinq

To support visualization, the below diagram shows the number of live TPPs integrated with and without Blinq.

As a proud Saudi TSP, that’s considered a partner of choice with live integration products (Tanfeeth, Watheeq, etc.). Our solution Blinq Open Banking Platform guarantees:

  1. KSA Bank’s (ASPSP) will meet SAMA’s timeline.
  2. Leveraging our on-ground experience with KSA banks gateway capabilities (IBM, WebMethods, IBM API Connect, etc.). It will take us days to integrate and deploy on prim!
  3. Blinq’s Open Banking platform goes beyond delivering Account Information Services (AIS), enabling the entirety of PSD2 Financial-Grade APIs (FAPIs) integrations.
  4. Enabling Banks (ASPSPs) to strategize their embedded finance playbook!

This is where we know the Blinq Open Banking Platform fits for complete PSD2 Open Banking Implementation perfectly.

Not only is Blinq Open Banking Platform (Blinq OBP) FAPI’s PSD2 secure, reliable, and compliant, but we built it leveraging our in-depth technical knowledge of KSA bank’s architecture, and customization needs for swift deployment that is compliant out of the box. Hence, we commit to being “Ready to launch SAMA PSD2 AIS on time.”

Decoupling Gateway

Strategizing Open Banking architecture and business modeling is a lot simpler with Blinq. Decoupled from the gateway, Blinq works with almost every option out there (IBM, webMethods, etc.). Blinq unlocks your Saudi Arabia Open Banking potential.

Blinq currently works with RedHat Keylock due to its strong security protocols and FAPI compliance. As well as IBM Security Verify Access and we are working to introduce other options natively to Blinq Open Banking Platform (i.e., Curity AB, Ping Identity, ISVA, etc.) that are compliant and do support Saudi Arabia and SAMA Open Banking current and future needs.

With clarity from SAMA on Account Information Services (AIS) leading the way for Saudi Arabia’s Open Banking to go live and Payment Initiation Services (PIS) to follow in due course in 2023, the financial sector needs to execute with speed. Blinq OBP empowers financial institutions to avoid common pitfalls such as:

  • Having the right OIDC provider to meet SAMA PSD2 compliance is pivotal.
  • Leveraging existing tech capabilities rather than wasting resources on a new solution (ex: IdP, RSU, etc.).
  • Blinq’s TPP Portal for TPP Identity and Access Management adds multi-layered security.
  • Providing your Payment Service User (PSU) with native Consent and Authentication leveraging existing SCA capabilities saves time and resources.

Blinq’s transaction records and reporting capability enables (near) real-time reporting on every single FABI call, giving you the ability to optimize Open Banking performance and report back to SAMA when needed.

Blinq is an end-to-end open banking platform that is built with sufficient knowledge on what are the current needs of Saudi Arabia's financial institutions.

Go-To-Market agility is boosted by:

  • Robust TPP onboarding experience.
  • Providing easy-to-consume Financial-Grade APIs (FAPIs) and TPP performance during the testing stage.
  • Orchestration of calls to provide PSD2 performance without exhausting middleware and existing integrations.
  • LIVE reporting and insight management capability to track every interaction with the right visibility.