What Is Open Banking?Open banking is a new concept in the financial sector that aims to enable customers to share their financial data safely with Third-Party Providers to benefit from new and innovative financial products and services, ranging from bringing all accounts into a single dashboard to finding smoother patterns in everyday banking activities.Open banking relies on sharing data securely, requiring customers to allow Third-Party Providers to access their financial statements through explicit and informed consent. Features & Benefits Secure Control Give customers a safe and reliable way to manage and control their financial data. Trusted Sharing Easily share financial information with licensed Third-Party Providers approved by the Saudi Central Bank. Personalized Services Enable access to innovative and tailored financial products designed around customer needs. Consent First No Third-Party Provider can access data without the client’s clear and explicit permission. How Open Banking Works? Start with Consent Select the service you want to use on the Third-Party Provider’s website or app. To share your SIB account information, you’ll need to give your explicit consent. Redirect to SIB Authentication The Third-Party Provider will direct you to The Saudi Investment Bank’s Open Banking secure authentication website. Log in to Verify Your Identity Use your SIB internet banking login details on the secure authentication website to confirm your identity. Authorise Data Sharing After verification, you can authorise the Third-Party Provider to access your financial data securely. Return to the Third-Party Provider Once authorisation is complete, you can return to the Third-Party Provider’s website or app to continue using their services. Manage Your Authorizations Anytime You can view, manage, or cancel your authorizations at any time through SIB’s Retail App, Internet Banking, or directly via the Third-Party Provider’s platform. Frequently Asked Questions Do I have to use Open Banking? It is optional for customers. However, Open Banking represents a qualitative shift in the financial sector, as it contributes to the provision of innovative and customized services and products suited to the customer's needs. Why has Open Banking been introduced? Open Banking was introduced to enable customers to share their financial data securely with regulated Third-Party Providers permitted by the Saudi Central Bank (SAMA). What data is being shared? When you provide explicit consent, authorized Third-Party Providers may access specific financial information such as your account name and number, account balance, and transaction information showing incoming and outgoing payments, along with the balance after each transaction. Who are Third-Party Providers (TPPs)? Third-Party Providers are companies licensed or permitted by the Saudi Central Bank (SAMA) to offer Open Banking services under supervision. These can include personal or enterprise financial management providers and similar financial service innovators. Is Open Banking secure? Yes. Open Banking is built on strong security standards set by the Saudi Central Bank (SAMA). Your data is shared only through secure, approved application programming interfaces (APIs) and only after you explicitly authorize access. We’re Always Within Reach Stay connected to your banking, through our customer care team, digital channels, and branches everywhere. Customer Care Submit inquiries, raise complaints, and access support anytime. Branches & ATMs Easily locate branches and ATMs wherever you are. E-Banking Services Bank smarter and faster with our secure digital platforms.