The National Bank of Bahrain (NBB) has partnered with Tarabut Gateway, Bahrain’s first licensed open banking systems provider, to adopt technologies that enable it to deliver new Open Banking Services to its customers.
This is the first significant partnership between an open banking fintech and a major bank in the Middle East.
“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 Yaser Alsharifi – Chief Strategy Officer at NBB.
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 information from within a single mobile app or online banking service as well as link their accounts to verified independent apps.
According to the supplier, Tarabut’s technologies will allow NBB’s customers to connect their accounts to any bank in Bahrain and create a consolidated view of their finances from NBB’s online and mobile banking application. The partnership aims to bolster NBB’s investment in digital infrastructure and services.
In November 2018, the Central Bank of Bahrain (CBB) introduced a regulation that mandated the adoption of open banking by all banks in the Kingdom by 30th June 2019.
Abdulla Almoayed, CEO at Tarabut Gateway adds “Our partnership with NBB aligns with the Kingdom of 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. By offering a common platform to all banks in Bahrain, Tarabut Gateway enables banks to comply with open banking regulation and provide secure and frictionless access to banks for third-party providers.”
Recently, National Bank of Bahrain(NBB) selected TCS BaNCS for Core Banking solution in a bid to achieve digital transformation with a diversified business line, enhanced customer experience and an extended market reach.