back Back

Central Bank of Bahrain (CBB) launches the open banking framework

By Edil Corneille

November 03, 2020

  • Bahrain
  • Central Bank Of Bahrain
Share

Central Bank of Bahrain, CBB, open banking, FinTech,The Central Bank of Bahrain (CBB) has launched the Bahrain Open Banking Framework (Bahrain OBF) which includes guidelines on detailed operations, security standards, customer experience, technical open Application Programming Interface (API) specifications and the overall governance framework needed to protect customer data. These standards follow the comprehensive rules on Open Banking that were previously issued in December 2018. Bahrain OBF is expected to ensure the holistic implementation of open banking services by the industry.

Rasheed Al Maraj, CBB Governor enunciated, “The introduction of Bahrain OBF is a continuation of the CBB’s efforts in developing the local ecosystem to encourage innovation in banking, whilst providing customers with advanced services that keep pace with the development witnessed by the global banking industry, and will also assist emerging FinTech companies to work competitively. This is in line with the CBB’s vision with regards to digital transformation and paving the way for innovation and attracting FinTechs.”

The framework was developed in collaboration with Deloitte and in consultation with retail banks and other financial institutions in Bahrain.

Yousef Al Fadhel, Executive Director – Corporate Services at the CBB and Chairman of Bahrain OBF Committee elucidated, “The framework was developed and customized specifically for Bahrain, based on other jurisdictions’ experiences and in line with the strategic vision of the CBB, with the ultimate objective of facilitating better services at lower costs with better choices for banking customers. We are confident that this initiative will stimulate innovation further, which will in turn reinforce the Kingdom’s position as a pioneering and innovative financial services center.”

Open banking services entail the provision of two broad categories of services – account information services and payment initiation services. Account information service provides customers with access to all bank account information in an aggregated manner through a single platform whereas the payment initiation service allows licensed third party providers (TPPs) to initiate payments on behalf of customers while allowing seamless transfers between different customer accounts through a mobile based application.

Previous Article

November 03, 2020

Fiserv welcomes Kevin M. Warren to Board of Directors

Read More
Next Article

November 03, 2020

FinTech Wales appoints Starling Bank exec as its new CEO

Read More








IBSi Daily News Analysis

Generative AI

April 12, 2024

Bahrain

Security experts sound the alarm on Deepfake threats in the age of AI

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 12, 2024

FinTech Focus: Catch latest developments of the week

Read More

April 12, 2024

Parafin secures $125m warehouse facility from Silicon Valley Bank & Trinity Capital

Read More

April 12, 2024

TransferGo raises $10m in funding from Taiwania Capital Management

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023