National Bank of Bahrain moves into Open Banking

Published on Sunday, 19 May , 2019 177 Views

Business

#National Bank of Bahrain #Open Banking

National Bank of Bahrain (NBB) has today taken a lead role in evolving the banking industry in the region, by adopting technologies that enable it to deliver new open banking services to its customers.

UAE, KSA, Kuwait to Enhance Bahrain Fiscal Stability

The Ministers of Finance of the Kingdom of Saudi Arabia, the United Arab Emirates, the State of Kuwait…

Open banking enables account holders to share their account information and payment history externally with other banks and with licensed third parties.

This means that account holders can link multiple accounts from different banks together and view all of their financial assets and liabilities from within a single mobile app or online banking service.

It also means they will be able to link their accounts to verified, independent apps that offer a broader range of services and functionality.

NBB’s new systems are provided by Tarabut Gateway, a new specialist fintech and open banking infrastructure provider.

Tarabut Gateway’s technologies will enable NBB’s customers to connect their account to any bank in Bahrain and create a consolidated view of their finances from within the NBB’s online and mobile banking apps.

This is the first significant partnership between an open banking fintech and a major bank in the Middle East and reflects NBB’s commitment to transform and diversify its business through investment in digital infrastructure and services.

“Allowing our customers to get a full view of their finances in one place is an important step in making banking more accessible and convenient for our customers and an achievement towards our digital offering,” comments Yaser Alsharifi – Chief Strategy Officer at the National Bank of Bahrain.

In November 2018, the Central Bank of Bahrain (CBB) introduced regulation that mandated the adoption of open banking by all banks in the Kingdom by 30th June 2019.

In line with CBB’s long term vision for open banking, and NBB’s strategy and commitment to innovation, NBB has taken a strategic decision to develop its systems beyond the regulation’s basic requirements, by investing in systems that enable it to enhance the customer experience through transparency and efficiency.

“By offering a common platform to all banks in Bahrain, Tarabut Gateway enables banks to comply with open banking regulation, deliver payment and information services to customers quickly and efficiently, and provide secure and frictionless access to banks for third-party providers,” comments Abdulla Almoayed – CEO, Tarabut Gateway. “Our partnership with NBB aligns with the Kingdom of Bahrain’s strategy to become the leading destination for fintechs in the region. NBB’s infrastructure will enable it to set new standards for digital banking services, and deliver immediate value to its customers. Banks in other markets, like the UK, have taken years to reach this point. NBB has achieved it in less than six months.”

Improving Organizational Performance with Fusion Leadership and Business Excellence in Bahrain

Global Experts in Leadership and Business Excellence will lead a powerful discussion focusing on improving organizational performance at…

Keywords: National Bank of Bahrain Open Banking
Category Business | 2019/05/19 latest update at 6:00 PM
Source : Internet | Photocredit : Google

178 Views
Comments Add comment

NBB acquires 78.8% stake in Bahrain Islamic...

NBB takes the lead as the first...

National Bank of Bahrain announces price for...

The editorial staff of Bahrain Today would like to give all of its readers from Gulf and Bahrain and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Bahrain Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Bahrain, the Gulf and the world.