Bahrain - NBB becomes first bank to launch Open Banking in Mena
Wednesday, 12 04 2019, Category: Banking, Country: Bahrain
National Bank of Bahrain (NBB) has set a significant benchmark in the region’s financial sector by becoming the first bank in Bahrain and the Middle East and North Africa to launch ‘Open banking’ solutions.
Open banking refers to the practice of sharing financial information electronically, securely, and only under conditions that customers approve of. Application programming interfaces (APIs) allow third parties to access financial information efficiently, which promotes the development of new apps and services.
The bank’s new ‘Aggregator’ service was revealed during an exclusive media gathering at Capital Club, in the presence of representatives from the National Bank of Bahrain, the Central Bank of Bahrain (CBB), the Economic Development Board (EDB) of Bahrain and Tarabut Gateway, said a statement from the company.
NBB's Open Banking services, developed by Tarabut Gateway, will be rolled out in phases, with account aggregation being the first. Initially, NBB’s customers will be able to view and track their finances across all their accounts. Financial transactions and fully-fledged services will be enabled as a follow up stage, said a statement.
Source: Trade Arabia