Law: Law of Payments and Payment Services, promulgated by Royal Decree No. (M/26) dated 22/03/1443 H.
 

Implementing Regulation: The Implementing Regulation of the Law.
 

Governor: Governor of the Central Bank.
 

SAR: Saudi Arabian Riyal.
 

[PFMI]: The “Principles for financial market infrastructures” issued by CPMIIOSCO on April 2012 (and any publications or amendment thereof).
 

Controller: a Person who, either jointly or severally, can influence the actions or decisions of the Licensee or the holding company that owns the Licensee under any of the following cases:
 

Holding Company: Notwithstanding the relevant provision of the Companies Law, a joint-stock, a simplified joint-stock, or a limited liability company that controls another joint-stock, simplified joint-stock, or limited liability company (that is referred to as its subsidiary) by owning more than half of the capital of such companies or by controlling the formation of their boards of directors.
 

Complaint: Expression of consumer or client dissatisfaction or objections, submitted to a Licensee through the available channels.
 

License: The license that is given by SAMA to operate a Payment System or to provide Payment Services in accordance with the provisions of the Law and the Implementing Regulation, including activities that are specified in the License.
 

Applicant: A legal person -or who is acting on his behalf- that has applied for licensing.
 

Licensee: a Payment System Operator or Payment Service Provider licensed under the provision of the Law and the Implementing Regulation and the like.
 

Licensed Bank: A bank licensed to carry on banking business pursuant to the Banking Control Law, promulgated by Royal Decree No. (M/5) dated 22/02/1386 H.
 

Payment Service Provider: Any of the following entities:
 

Relevant Payment Services: Any Payment Services that are activities specified in Article 6 of the Implementing Regulation.
 

Agent: a Person that acts on behalf of a Payment Service Provider in the provision of Relevant Payment Services.
 

Payment service user: Any person who makes use of, or receives, one or more Relevant Payment Services in the capacity of Payer, Payee or both; or any Person who makes use of the Relevant Payment Services of a Payment Account Information Service Provider.
 

Payment System Operator: The legal person licensed as an operator of one or more Payment Systems by SAMA.
 

Non-Systemically Important Payment System: a Payment System not designated by SAMA as a Systemically Important Payment System.
 

National Payment system: a Payment System owned or operated by SAMA directly or indirectly.
 

Service Provider Related to Payment System: The service provider that forms part of the payments system operating arrangements.
 

Payer: a Person who holds a Payment Account and allows a Payment Services Order from that Payment Account, or where there is no Payment Account, a person who gives a Payment Services Order.
 

Payee: a Person who is the intended recipient of Funds which have been the subject of a Payment Transaction.
 

Payment Account: : An account held in the name of one or more Payment Service Users which is used for the execution of Payment Transactions.
 

Money Remittance: An operation where Funds are received from a Payer, without any Payment Accounts being created in the name of the Payer or the Payee, for the purpose of transferring a corresponding amount to a Payee or to a Payment Service Provider or a Person licensed under the Rules Regulating Money Changing Business acting on behalf of the Payee or to an entity with an equivalent license, or such Funds are received on behalf of and made available to the Payee.
 

Credit Transfer: An operation that results in crediting the Payment Account of a Payee with a Payment Transaction (or a series of Payment Transactions) which is carried out in accordance with the instruction given by the Payer through his Payment Account with the Payment Service Provider.
 

Direct Debit: An operation that results in debiting the Payer’s Payment Account following a Payment Transaction that is initiated by the Payee on the basis of the consent given by the Payer to the Payee’s Payment Service Provider or to the Payer’s own Payment Service Provider.
 

Payment Aggregation Service: Operations provided by a Payment Service Provider of facilitating payment on a pooled basis and do not require a relationship with a Payment Service Provider that provides the Payment Service of Payee Acquiring.
 

Payment Transaction: The depositing, transferring or withdrawing of Funds initiated by the Payer or on his behalf or by the Payee.
 

Payment Transaction Aquiring:  The Payment Service provided by a Payment Service Provider to a Payee to accept and process a Payment Transaction, which results in a credit transfer to the Payee.
 

Payment Account Information Service: A service to provide consolidated information about one or more Payment Accounts (in the original format or subject to processing), held by the Payment Service User with one or more Payment Account Service Providers, with enabling the Payment Service User to modify and present account information in alternative ways, which is shared through the electronic channels or otherwise with Payment Service User or any other Person’s instructions and Consent.
 

Payment Initiation Service: A service (as an on-line tool or otherwise) to initiate a Payment Services Order at the request of a Payment Service User in connection with his Payment Account with the Payment Account Service Provider on the basis of Consent provided by that Payment Service User.
 

Payments Account Service Provider: a Payment Account Service Provider, including the licensed bank, which provides and maintains a Payment Account for the Payment Service User.
 

Payments Instrument: Any tools or procedures provided by the Payment Service Provider to the Payment Service User, which is used to initiate Payment Services Orders through the online channels or otherwise.
 

Card-Based Payments: The Payment Instrument provided by the Payment Service Provider through a card used to initiate a Payment Transaction from a Payment Account held with another Payment Service Provider.
 

Closed Loop Account: The monetary value stored on a Payment Instrument and is issued by a one-off issuer, which cannot be redeemed in cash or to any other account, which can only be used to acquire goods or services within a limited network of service providers that have direct commercial agreements with the issuer and are in the same corporate group or are otherwise affiliated by the same commercial name or trademark.
 

Restricted Loop Account: The monetary value stored on a Payment Instrument, which cannot be redeemed in cash or transferred to any other account and can only be used to acquire goods or services within a clearly defined area, goods or services within a limited network of service providers which have direct commercial agreements with the issuer.
 

Limited Network Service: Payment Transactions made using a Closed Loop Account or a Restricted Loop Account.
 

Payment services Order: Any instruction issued by a payment service user as payer or payee to a payment service provider to request the execution of a payments transaction.

One-time Payments Contract: A contract for a one-time payments transaction that is not made under the framework contract.

Framework Contract: The contract concluded between the parties involved to the relevant payment services, and aims to manage the implementation of individual and sequential payment transactions.

Electronic Money: The cash value stored electronically - including magnetic storage - which is represented as a claim with respect to the issuer provided that it is issued upon receipt of funds for the purpose of making payments transactions, and that it is accepted by a person other than the issuer as a means of payment, with the exception of virtual assets.

Electronic Money Company: A company licensed to provide electronic money issuance services.

Electronic Money Distributor [EMD]: A person who distributes or sells electronic money or redeems the same on behalf of the electronic money company, without providing any payment services (including issuing electronic money), and without acting as an agent for the electronic money company.

Protected Funds: This expression refers to the protected funds according to the following cases:

Cash Withdrawal: Any process of withdrawing or redeeming electronic money at its nominal value.

Total Average Outstanding E-Money: Calculating the average total amount of financial liabilities in relation to electronic money issued by the electronic money company during the last twelve months, calculated at the end of each calendar day.

Total Outstanding E-Money: The total value of e-money issued by the electronic money company, calculated on the first day of each calendar month and applied to such calendar month.

Payments Company: A company licensed to provide one or more relevant payment services, excluding electronic money issuance services.

Accounting Records: Basic documents and information used with regard to preparing, authenticating and reviewing financial statements and stored electronically or in any other form.

Average Value of Monthly Payments: The rolling monthly average during the twelve-calendar-month period preceding the date of calculation of the total amount of payments carried out by the payment service provider, including payments carried out by its agents, excluding the issuance or redemption of electronic money.

Authentication: The procedure through which a payment service provider verifies the identity of a payment service user or the authority to use a particular payment instrument in accordance with the Regulations and any regulations, rules, circulars, controls or instructions that may be issued by  SAMA in this regard, including cybersecurity requirements, the term “authenticator” shall be interpreted accordingly.

Authorization: Approval by the payer authenticating the payment transaction, registered in accordance with Article [38] of the Regulations.

Personal Security Features: Custom data provided by the payment service provider to the payment service user and used for authentication purposes.

Requirements for Appointments to Senior Positions: The rules, controls and instructions issued by SAMA - and all subsequent amendments thereto - which include standards of competence and authority for occupants of senior positions with payment system operators and payment service providers.

Senior Positions: The functions, roles and responsibilities assigned to senior position occupants who make strategic decisions or manage the licensee's business operations, including the board of directors and senior management in accordance with the functions specified in the requirements for appointment to senior positions.

Fit and Proper Form: The form issued by SAMA in accordance with the requirements for appointments to senior positions.

Operating Rules: The operating rules of the registered payment system.

Task Assignment Rules: Regulations, rules, circulars, controls and instructions issued by SAMA, regarding the assignment of tasks to a third party in order to regulate the provisions for the assignment of tasks to a third party.

Unique Reference Number: The account number of the payment service user.

Unauthorized Payment Transactions: These are payment transactions that are created by a person other than the payment service user without the authority to create the same.