Regulatory Alerts2023-08-07
Completion of Technical Approvals for Launching the Service Enabling Individual Customers to Access Their Bank Account Details
The Saudi Central Bank issued this circular requiring all local financial institutions to complete technical approvals and launch the individual account access service under the "Sari" instant payments system by October 2023. Banks must coordinate with Saudi Payments to finalize onboarding procedures, publicly announce the service across their channels, and ensure compliance with fraud mitigation rules. The directive mandates full operational readiness by mid-October 2023 and official customer-facing launch on October 21, 2023.
Saudi Central Bank
Reference No.: 45004804 Date: 1445/01/21 Attachments: None
Circular
To: Respected Banks, Peace, mercy, and blessings of God be upon you,
Subject: Completion of Technical Approvals for Launching the Service Enabling Individual Customers to Access Their Bank Account Details.
With reference to Saudi Central Bank Circular No. (42047169) dated 1442/07/06H regarding the launch of the "Sari" Instant Payments System, and further to Saudi Payments' development of the system's special rules to include the service enabling individual customers across all member banks to access their bank accounts; which aims to combat fraud and associated risks and protect customers, and to the arrangements made in this regard with Saudi Payments.
Accordingly, we inform you that all banks and financial institutions are required to comply with the following:
- Complete the technical approvals and necessary procedures for the aforementioned service before 2023/10/12, in coordination with Saudi Payments via email: (onboarding@saudipayments.com).
- Launch the service for individual bank customers on 2023/10/21, in accordance with the special rules of the "Sari" Instant Payments System.
- Announce the service through various bank channels to enable individual customers to benefit from it, in coordination with Saudi Payments.
For information and action, while adhering to all relevant regulations and instructions.
Yours sincerely, The Governor
(Signature) Yazeed bin Ahmed Al-Sheikh Governor's Deputy for Supervision
Distribution Scope: Local banks and financial institutions operating in the Kingdom.