The Inseparables: OB Compliance, Security & Reputation!
Why does some Financial Institutions compromise their reputation, by not fully complying?
Risks of Partial-Compliance!
Numerous Financial Institutions (FI) in Saudi Arabia, despite the release of Open Banking compliance mandates since Q4 2022, find themselves in a risky position. Entrusting inexperienced non-certified service providers has led to the failure of their full compliance, exposing them to security risks, penalties and reputational-loss.
And this is only for Account Information Services (AIS), which for sure can’t be tolerated by any means in the Payment Initiation Services (PIS)!
Just mentioning one example; Does FIs have the appropriate Clients onboarding & consent management solution that can guarantee security & compliance, especially for PIS?!
Regulatory-Driven Open Banking
Time to market, security & performance, being tightly coupled with customer satisfaction, should be the bare minimum for any solution hired by Financial Institutions!
Global regulatory-driven open banking initiatives demonstrated robust security & sustainable growth, unlike other market-driven approaches that has major vulnerabilities (ex: screen scraping). Saudi Central Bank’s (SAMA) played a pivotal role in open banking roadmap, through a set of pioneering security & user experience regulations . In addition to providing assistance and continuous monitoring to all Financial Institutions, leaving FIs with no excuse not to be fully-compliant.
KnowledgeNet’s Blinq employed all these advantages, leading the market with a state-of-the-art end-to-end certified solution for plug & play compliance, financial grade security and benchmarked performance.
Security, Certified Open Banking Compliance & FAPIs,
KnowledgeNet, with +20 years of experience & 4-year track record of open banking leadership, presents Blinq, the 1st Arab Saudi Central Bank (SAMA) & OpenID certified solution, guaranteeing Security, performance and one of a kind user experience.
Starting from the secure Identity and Access Management (IAM), through Blinq’s API Gateway and compliant AIS & PIS APIs, Blinq guarantees plug and play security, compliance, slashed time to market and seamless customer experience.
Compliance is the Cornerstone for Growth
Regulatory compliance shouldn’t be the hindering FI’s business growth, but it should be the cornerstone for innovation, partnerships and revenues.
