Revolutionizing Banking with Open Banking:
Al Salam Bank is dedicated to embracing innovation and delivering seamless, secure financial solutions to our clients. We support the Bahrain Open Banking Framework introduced by the Central Bank of Bahrain (CBB), which aims to revolutionize the banking experience by fostering enhanced data sharing, competition, and innovation. As part of this initiative, Al Salam Bank provides support to Fintechs, contributing to the transformation of the banking landscape in the Kingdom of Bahrain.
Discover the Power of Open Banking:
Open Banking is a transformative concept that allows clients to securely share their financial data with authorized third-party providers (TPPs). This initiative enables a more personalized and efficient banking experience by promoting transparency and fostering the development of new financial services and products. With Open Banking, clients can enjoy improved financial management tools, tailored financial advice, and innovative payment solutions.
Unleashing the Benefits of Open Banking:
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Enhanced Client Experience: Open Banking empowers clients with greater control over their financial data, leading to more personalized and relevant banking services.
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Driving Innovation and Competition: By opening up data to TPPs, Open Banking fosters competition, encouraging the development of innovative financial products and services.
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Master Your Finances: Clients can benefit from advanced financial management tools that offer comprehensive insights and better financial planning.
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Secure and Transparent Banking: The framework ensures that all data sharing is conducted securely and transparently, with strict regulatory oversight by the CBB.
Authorized Participants:
Participation in Open Banking as Authorized Third-Party Providers (TPPs) is limited to entities licensed by the CBB, as outlined below:
|
Acronym |
Term |
Definition |
|---|
AISP
| Account Information Service Provider | An Account Information Service provides account information services as an online service to provide consolidated information on one or more payment accounts held by a payment service user with one or more payment service provider(s). |
API
| Application Programming Interface | An Application Programming Interface is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact. |
| API Data | API Data is data made available to an API User or a TPP through the APIs. |
| API User | An API User is any person or organization who develops web or mobile apps which access data from an API Provider. |
API Provider
| An API Provider is a service provider implementing an Open Data API. An API Provider provides Open Data via an API gateway.
|
ASPSP
| Account Servicing Payment Service Provider | Account Servicing Payment Service Providers provide and maintain a payment account for a payer as defined by the PSRs and, in the context of the Open Banking Ecosystem are entities that publish Read/Write APIs to permit, with customer consent, payments initiated by third party providers and/or make their customers’ account transaction data available to third party providers via their API end points. |
| ASPSP Brand | An ASPSP brand is any registered or unregistered trademark or other Intellectual Property Right provided by an ASPSP. |
| PSD2 | Revised Payment Services Directive | The Payment Services Directive 2015/2366, as amended or updated from time to time and including the associated Regulatory Technical Standards developed by the EBA and agreed by the European Commission and as implemented by the PSR and including any formal guidance issued by a Competent Authority. |
| PISP | Payment Initiation Services Provider | A Payment Initiation Services Provider provides an online service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider. |
| PSU | Payment Services User | A Payment Services User is a natural or legal person making use of a payment service as a payee, payer or both. |
| SCA | Strong Customer Authentication | Strong Customer Authentication as defined by EBA Regulatory Technical Standards is an authentication based on the use of two or more elements categorized as knowledge (something only the user knows [for example, a password]), possession (something only the user possesses [for example, a particular cell phone and number]) and inherence (something the user is [or has, for example, a finger print or iris pattern]) that are independent, [so] the breach of one does not compromise the others, and is designed in such a way as to protect the confidentiality of the authentication data. |
| TPP | Third Party Provider | Third Party Providers are organizations or natural persons that use APIs developed to Standards to access customer’s accounts, in order to provide account information services and/or to initiate payments. Third Party Providers are either/both Payment Initiation Service Providers (PISPs) and/or Account Information Service Providers (AISPs). |
Available APIs:
Account Information Service Provider:
Payment Initiation Service:
Join Us: TTP Onboarding Process:
We invite Third-Party Providers (TPPs) to join us in revolutionizing the banking experience. To begin the onboarding process, please reach out to us at openbanking@alsalambank.com.
What We Need from You:
To ensure a smooth onboarding process, we request that TPPs provide the following documents and information:
- A copy of your Commercial Registration (CR)
- A valid CBB License
- A brief overview of your company
- Contact details of a representative
Our dedicated team will review your submission and guide you through the onboarding process, ensuring that you can quickly and securely integrate with us.
Let's Connect: Contact Us:
For any inquiries or further information regarding our Open Banking services, please contact us at
openbanking@alsalambank.com. We look forward to collaborating with you to drive the future of banking.