National Bank of Bahrain (NBB) has taken a role in evolving the banking industry in the region, by adopting technologies that enable it to deliver new 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.
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,” Yaser Alsharifi, Chief Strategy Officer at NBB, said.
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 June 30. 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,” Abdulla Almoayed, Tarabut Gateway’s CEO, said.
“Our partnership with NBB aligns with 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,” he added.