Central Bank of Bahrain Issues Final Open Banking RulesSource: www.export-egypt.com 12/6/2018, Location: Middle East |
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The Central Bank of Bahrain (CBB) issued the final rules on "open banking", which will facilitate the provision of a variety of innovative services for bank customers in the Kingdom.
Khalid Hamad, Executive Director of Banking Supervision at the CBB said: "The open banking initiative will have a significant positive impact on the quality of services offered to consumers in the Kingdom and will give the financial sector in the Kingdom a competitive edge in the Middle East". Open banking services entail the provision of two broad categories of services. The first is "account information service" which provides customers with access to all bank account information in an aggregated manner through a single platform, whereas the second category is "payment initiation service" which allows licensed third parties to initiate payments on behalf of customers while allowing seamless transfers between different customer accounts through a mobile based application. |
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