The Open Banking Framework is a regulatory framework that includes a comprehensive set of legislation, regulatory guidelines and technical standards.
Key elements of the Open Banking Framework:
Glossary: Definitions of key terms used throughout the Open Banking Framework.
Use Cases: An overview of the Open Banking Evaluation Framework and prioritization, together with details of the use cases to be enabled by each new release.
Business Rules: Business Rules provide clear directives on the requirements that must be adhered to in order for banks and fintechs to provide open banking services, with items related to specific use cases clearly articulated.
KSA Standards: These Standards are comprised of Customer Experience Guidelines, API Specifications, Implementation Requirements and Operational Guidelines.