Overview

The Financial Data Product by MIS Connect allows you to perform detailed operations on bank account data with precision and efficiency. By granting access to end-users' financial accounts, this product enables a wide range of financial services. It allows for the retrieval of detailed account information, such as account numbers, balances, and transaction histories, providing real-time transaction data for various use cases. These include personal finance tools, budgeting applications, credit scoring systems, expense tracking, account aggregation, and real-time fraud detection mechanisms. The product ensures robust user consent management, adheres to stringent compliance, and meets the security standards set forth by the Saudi Central Bank (SAMA). The MIS Connect Financial Data Product provides your applications with the technical foundation to transform how financial data is utilized in Saudi Arabia.

Connectivity via the MIS Connect API

The MIS Connect API offers access to financial data within Saudi Arabia, aligning with local banking systems and regulations. The API supports various account types relevant to the Saudi financial market, ensuring compliance with SAMA's guidelines.

Available Account Types:

Current Accounts: These are standard accounts used for day-to-day financial transactions, commonly referred to as current or checking accounts in Saudi banks.

Savings Accounts: These accounts are designed to help users save money, often providing interest on the deposited amount, and are compliant with Islamic banking principles.

Credit Cards: Access credit card account information, including balances, transaction history, and credit limits, following SAMA's consumer protection standards.

Prepaid Cards: These cards allow users to load a specific amount of money to be used for transactions, making them a flexible alternative to traditional credit or debit cards.

E-Money Accounts: Digital wallets or e-money accounts that store funds electronically, allowing for seamless online transactions and payments.

Charge Cards: Similar to credit cards but typically requiring the balance to be paid in full at the end of each billing cycle, often used for specific purposes or by corporate clients.

Data-Access Types

One-Time Account Access (Short-Lived Consent)

The one-time account access is normally used by customers who want to verify or access certain information only once at one point in time.

In the case of a one-time account access, MIS Connect will store the financial data of an end user for 1 hour. During this time, the customer can fetch the financial data from MIS Connect’s database as often as needed. After 1 hour, MIS Connect will delete the financial data of the end user from its database, ensuring that temporary access is both secure and compliant.

Ongoing Account Access (Long-Lived Consent)

For scenarios that require continuous data retrieval over an extended period, MIS Connect offers an Ongoing Account Access option. This access is granted through long-lived consent, allowing data access for more than 1 hour, with a maximum duration of up to 1 year. This is particularly beneficial for services like personal finance management or applications requiring regular updates on account information.

MIS Connect ensures that both one-time and ongoing access are handled with the utmost security and compliance, aligning with SAMA's consent requirements and local data protection standards.

Prerequisites

API Access & Authentication

The MIS Connect API is a RESTful API accessed using OAuth 2.0 authentication, in line with global best practices and SAMA’s guidelines. Each client is issued a Client ID and Client Secret by MIS Connect to access the API, with a specific set of scopes defining the usage rights on the MIS Connect platform.

To begin integration, you must obtain your dedicated credentials by contacting the MISConnect support team.

Widget Integration

MIS Connect provides a customizable widget for seamless integration. Please refer to the Widget Integration Best Practices section in this guide for detailed instructions.