NBB to provide open banking services

Business Bureau, Gulf Today

National Bank of Bahrain (NBB) has 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.

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.

The Central Bank of Bahrain Introduced regulation that mandated the adoption of open banking by all banks in the Kingdom. 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.