SAMA Open Banking Standards
SAMA published the open banking standards on 02 Nov 2022. This has been a culmination of the hard work from all stakeholders including banks, fintechs, Saudi Payments and SAMA. A truly collaborative effort over a challenging timeline.
Considering the SAMA’s current proposed regulatory technical standards; building a fully compliant solution in the mandated timeline could be a challenge. Hence, Banfico would like to offer its “open banking compliance” as an “out-of-the-box solution”.
Fully KSA OB Compliant
The “Out of the box” solution is fully compliant with SAMA’s specifications and comes with a customisable developer portal, that helps the TPP to end-to-end test from the Swagger pages. The solution also comes with a consent management portal and an admin portal. Separately, Banfico provides a “Mock bank system” where TPPs can register for test customers. They can self-register, create bank accounts, configure balances and add new transactions and many more.
OpenID FAPI, CIBA & DCR ready
Our solution is FAPI and CIBA ready for the SAMA mandated FAPI 1.0 Advanced version with support for “Pushed Authorisation Request”. Our solution also supports standard OAuth2 Dynamic Client Registration.
Deploy in Minutes
The solution can be deployed in a matter of minutes either on virtualized or containerised platforms. The solution is built using modern DevOps technologies such as Kubernetes, OpenShift, Docker, Ansible, and Terraform. Our solution can be installed on your premises or availed as a SaaS service.
The solution has been certified and deployed in many global jurisdictions since 2019. Our code is SAST and DAST tested in development, stress-tested for capacity and performance, FAPI tested for security authorisation, VAPT tested for vulnerabilities and regression tested using automation tools.
Customer Authorisation Methods
The solution supports all the mandated and optional authorisation methods such as the Web Redirect, App to app redirect, and, the decoupled redirect with QR codes. Implementing these authorisation journeys has always been one of the most complex subjects in Open Banking Delivery.
Our solution provides excellent support for them.
Core Banking Integration
Banfico has unrivalled experience in core banking integration – be it consuming from the bank’s API gateway, middleware, ESB, Message queues or even file based. Integration for customer authentication is another major challenge in delivery.
Banfico’s strong IAM team can help support various Identity Provider integrations.
Book a Workshop
Banfico has successfully provided many open banking compliance solutions around the globe. We are pleased to be the first to offer an out-of-the-box compliance solution that is in line with all the SAMA regulatory technical standards. Contact us at firstname.lastname@example.org for a free workshop.