...
| Expand | ||
|---|---|---|
| ||
Open Banking is the secure way to give providers access to customer’s financial information. It opens the way to new products and services that could help customers and small to medium-sized businesses get a better deal. It could also give you a more detailed understanding of customer’s accounts, and help customers find new ways to make the most of their money. |
| Expand | ||
|---|---|---|
| ||
Bahrain’s Bahrain Open Banking Framework or ‘BOBF’ ‘Bahrain OBF’ has been developed considering the relevant use cases (payments as well as account information sharing) that has several business opportunities for the banks and third party providers (TPPs) and caters to the customer’s unique needs in Bahrain. The framework covers both technical as well as non-technical aspects of Open Banking. |
| Expand | ||
|---|---|---|
| ||
A committee of Industry and Regulatory stakeholders, encompassing a wider set of roles and responsibilities. | ||
| Expand | ||
| ||
An Application Programming Interface or ‘API’ is a set of routines, protocols, and tools for building software applications. An API specifies how software components should interact. |
| Expand | ||
|---|---|---|
| ||
Account Servicing Payment Service Providers or ‘ASPSP’ (ASPSP) refers to the CBB licensees (include conventional retail bank licensees and Islamic retail bank licensees) who provide and maintain a payment account for a payer user/customer 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. |
...
| Expand | ||
|---|---|---|
| ||
Payment Initiation Service Provider or ‘PISP’ (PISP) refers to a person licensed by the CBB to initiate payment or credit transfers for the customer from an account held with a licensed bank, financing company or PSPan ASPSP. The role of a PISP is restricted to providing the technology or other means in order to initiate a payment order and the handling of communication or electronic documents between the customer and the licensees should the terms of the offer include such services. PISPs must not receive or otherwise handle customer funds in the course of providing payment initiation services. |
| Expand | ||
|---|---|---|
| ||
Account Information Services Provider or ‘AISP’ (AISP) refers to a person licensed by the CBB to provide account information services using an online portal, mobile or smart phone smartphone application, device or other electronic media which a consenting customer can use to obtain aggregate or consolidated information about his/her account balances with licensed banks, financing companies and other licenseesASPSP. The role of an AISP is restricted to providing the technology or other means in order to provide account information to the customer and the handling of communication or electronic documents between the customer and the licensees should the terms of the offer include such services. AISPs must not receive or otherwise handle customer funds in the course of providing account information services. |
...
| Expand | ||
|---|---|---|
| ||
The PDPL is the data protection law of Bahrain that applies to any entity processing personal data wholly or partly by automated means – as well as the manual processing of personal data as part of an organized filing system. | ||
| Expand | ||
| ||
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. |
| Expand | ||
|---|---|---|
| ||
This is an absolute requirement of this documentas per Bahrain OBF. |
| Expand | ||
|---|---|---|
| ||
This is an absolute prohibition of this documentas per Bahrain OBF. |
| Expand | ||
|---|---|---|
| ||
There may exist valid reasons to ignore a particular point in this documentBahrain OBF, but the full implications need to be understood before choosing a different course. |
...