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NBB ties up with Tarabut to offer open banking services

MANAMA: National Bank of Bahrain (NBB) has entered into a partnership with Tarabut Gateway to deliver open banking services to its customers.

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.

Tarabut Gateway, Bahrain’s first licensed open banking systems provider, 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.

“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,” said NBB chief strategy officer Yaser Alsharifi.

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

NBB said it 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,” said Tarabut Gateway chief executive Abdulla Almoayed.

Source: http://www.gdnonline.com/Details/539578

 

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