Chapter 1: Contract Requirements and Information Providing
Article 53
(1) A Payment Service Provider – when providing relevant Payment Services under a Framework Contract- must provide to each of its Payment Service Users services with the Framework Contract before the execution of the Payment Services, or immediately afterward where the service is provided at the Payment Service User’s request through a means of distance communication and it is not possible to provide the information beforehand, and such agreement must (at minimum) include the following information:
(a) The schedule of fees, charges, commissions and currency, including conversion rates and withdrawal charges,
(b) The legal name, registered address and relevant contact details for the Payment Service Provider;
(c) The provisions and procedures for giving consent to the initiation of a Payment Services Order or execution of a Payment Transaction and for the withdrawal of consent;
(d) The means of communication between the Payment Service Provider and the Payment Service User;
(e) How and within what period of time the Payment Service User is to notify the Payment Service Provider of any unauthorized or incorrectly initiated or executed Payment Transactions and the Payment Service Provider’s liability for such Transactions;
(f) Information relating to how terms and conditions can be amended, the duration of the contract and the rights of the parties to terminate a Framework Contract;
(g) The maximum time in which Payment Transactions will be executed; and
(h) Any other necessary information to meet the Consumer Protection Requirements and Principles in accordance with Article 50.
(2) A Payment Service Provider should provide a copy of the Framework Contract to the Payment Service User on request through the term of the contractual relationship.
Article 54
(1) A Payment Service Provider must include in the Framework Contract the right of the Payment Service User to terminate the Framework Contract, without imposing any penalties, within a period of not less than ten working days.
(2) The Payment Service Provider can start the provision of Relevant Payment Services during the cooling-off period, provided the Payment Service User agrees and compliance with all the relevant requirements verification has been completed. Accordingly, the Payment Service User’s right to terminate the Framework Contract during that period shall not be affected.
(3) If the Payment Service User terminates a Framework Contract during the cooling-off period, the Payment Service User will be entitled to a full refund of any previously paid fees that are not yet attributable to a Payment Service provided to them.
Article 55
The Payment Service Provider must notify the Payer -when initiating an individual Payment Transaction under a Framework Contract- of the maximum execution time and the fees and charges payable by the Payer in respect of the Payment Transaction.
Article 56
The Payment Service Provider must provide the Payer with the information of the payment transactions executed under a Framework Contract at least once per month free of charge. Such information shall include the following:
(a) A reference enabling the Payer to identify their Payment Transactions and information relating to the Payee;
(b) The amounts of their Payment Transactions in the currency in which the Payer’s Payment Account is debited or in the currency used for the Payment Services Order;
(c) The amount of any charges for the Payment Transaction and a breakdown of the amounts of such charges, by the Payer;
(d) The exchange rates used in the Payment Transactions by the Payment Service Provider and the amount of the Payment Transaction after that currency conversion; and
(e) The debit value date or the date of receipt of the Payment Services Order.
Article 57
The Payment Service Provider must provide the Payee with the information of the payment transactions executed under a Framework Contract at least once per month free of charge. Such information shall include the following:
(a) A reference enabling the Payee to identify the Payment Transaction and the Payer, and any information transferred with the Payment Transaction;
(b) The amount of the Payment Transaction in the currency in which the Payee’s payment account is credited;
(c) The amount of any charges for the Payment Transaction and a breakdown of the amounts of such charges by the Payee;
(d) The exchange rate used in the Payment Transaction by the Payment Service Provider to the Payee, and the amount of the Payment Transaction before that currency conversion; and
(e) The credit value date. Article 58
(1) A Payment Service User may terminate a Framework Contract at any time unless the parties have agreed on a notice period for termination. Such notice period must not exceed thirty calendar days.
(2) A Payment Service Provider cannot amend the terms of a Framework Contract, including fees and charges, unless the requirements for amending the terms are specified in the Framework Contract.
(3) A Payment Service Provider may change fees that are linked to floating rates, such as exchange rates, without notice to the Payment Service User, provided that this is stipulated in the Framework Contract and based on a reference rate agreed upon and available to the Payment Service User.
(4) A Payment Service Provider must notify its Payment Service Users of any changes to the terms of a Framework Contract at least thirty days before making such changes and give Payment Service Users the right to terminate the Framework Contract during this notice period at no cost unless a termination fee is agreed upon in the Framework Contract.
Article 59
The Payment Service Provider must, immediately after receipt of the Payment Services Order under the One-off Payment Contract, provide to the Payer the following information:
(a) A reference enabling the Payer to identify the Payment Transaction and information relating to the Payee;
(b) The amount of the Payment Transaction in the currency used in the Payment Services Order;
(c) A breakdown of the charges payable by the Payment Service User for the service;
(d) The actual rate used in the Payment Transaction- where an exchange rate is used in the Payment Transaction -and the amount of the Payment Transaction after that currency conversion; and
(e) The date on which the Payment Services Order was received.
Article 60
The Payment Service Provider must, upon providing the relevant Payment Services under the One-off Payment Contract, provide the Payment Services User with the following information:
(a) The information or Unique Identifier (as the method of expressing Consent) that has to be provided by the Payment Service User in order for a Payment Services Order to be properly initiated or executed;
(b) The maximum time in which the Payment Service will be executed;
(c) A breakdown of the fees payable by the Payment Service User for the service; and
(d) The actual or reference exchange rate that will be used in the Payment Transaction.
Article 61
The Payment Service Provider must, immediately after the execution of the Payment Transaction under the One-off Payment Contract, provide the Payee with the following information:
(a) A reference enabling the Payee to identify the Payment Transaction and the Payer and any information transferred with the Payment Transaction;
(b) The amount of the Payment Transaction in the currency in which the Funds are at the Payee’s disposal;
(c) A breakdown of any fees for the Payment Transaction payable by the Payee; and
(d) The exchange rate used in the Payment Transaction by the Payee’s Payment Service Provider, and the amount of the Payment Transaction before that currency conversion; and
(e) The credit value date.
Article 62
Notwithstanding any provisions in this Part, any information provided by the Payment Service Provider to the Payment Service User must take into account the following:
(a) Provide the information in an easily accessible manner, whether that may include the use of digital channels, emails or SMS or any other durable medium;
(b) Provide the information in a written form or another durable form;
(c) Provide the information in easily understandable language and in a clear and comprehensible form; and
(d) Provide the information in Arabic or in any other language agreed upon by the parties.
(e) Any additional methods The Framework Contract may prescribe whereby information is provided.
Article 63
(1) A Payment Service Provider may not charge for providing information that is required to be provided under the provision of this Part.
(2) The Payment Service Provider and the Payment Service User may agree on fees for any information which is provided at the request of the Payment Service User, provided that any fees charged correspond to the actual costs of the payment service provider, where such information is additional to the information required in accordance with the provisions of this Part, or to be provided more frequently than is specified or transmitted by means of communication other than those specified in the Framework Contract.
Article 64
A Payment Service Provider must ensure that Payment Transactions are executed in the currency agreed upon between the parties. Where a currency conversion service is offered at an automatic teller machine or at the point of sale or by the Payee, all fees must be disclosed to the payer as well as the exchange rate to be used for converting the Payment Transaction before executing the Payment Transactions.
Article 65
(1) The Payment Service Provider must inform the Payment Service User of any required fees for the use of a particular Payment Instrument before the initiation of the Payment Transaction.
(2) A Payment Service Provider must not oblige a Payment Service User to pay any fees if he was not informed of the full amount of the fees in accordance with the provisions of the relevant Article.
Article 66
(1) If a Payment Service Provider is not able to execute a Payment Services Order in a timely fashion, it must inform the Payment Service User immediately of the time by which it expects to have executed such an order.
(2) In the event of any planned down-time of a Payment Service, a Payment Service Provider must inform each of its Payment Service Users at least five business days in advance.
Article 67
A Payment Service Provider is obliged to ensure that the contracts are balanced in the rights and obligations and are not unfair to the Payment Service User. Such obligation shall not affect the validity of any other provisions in the contract.
Article 68
(1) A Payment Service Provider must ensure that any advertising or promotional or marketing material for its Relevant Payment Services is clear and not misleading and must also be made available in the Arabic language. All text and numbers stated in such material should be clearly visible and understandable, with a legible font size used for all text, including footnotes.
(2) A Payment Service Provider must take into account the following when presenting any advertising or promotional or marketing material relating to a Relevant Payment Service:
(a) Promotional, Advertising, or marketing materials must include the name of the relevant Payment Service Provider;
(b) Promotional, Advertising, or marketing materials must be accurate and not emphasize the benefits of a particular product/service without also presenting any relevant risks;
(c) Comparative advertising must compare the relevant products or services of other Payment Service providers on a fair and equivalent basis;
(d) Information on fees, costs, or savings should be accurate and identical;
(e) Information on fees, costs or savings should be clear and not misleading;
(3) A Payment Service Provider must ensure that advertising and promotional or marketing material is designed and presented so that any Payment Service User can reasonably be expected to understand that it is an advertisement and that the availability of the product or service may require the Payment Service User to meet certain criteria.
(4) A Payment Service Provider must maintain a formal compliance process for reviewing and approving advertising and promotional or marketing material.
(5) A Payment Service Provider must not send promotional material to any natural person under the age of eighteen years where such material presents an unsuitable risk to such Payment Service Users.
(6) SAMA may order the withdrawal of any advertising or promotional or marketing materials by the Payment Services that do not meet the minimum requirement of this Implementing Regulation or do not comply with the provisions of the Law.