National Bank of Bahrain (NBB) announced that they have started enabling open banking services to its customers. This service enables account holders to share their account information and payment history externally with other banks and with licensed third parties.
NBB’s new systems are provided by Tarabut Gateway, a new fintech providing open banking infrastructure. 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.
Commenting on the open banking initiative, Yaser Alsharifi, Chief Strategy Officer at the National Bank of Bahrain said,
“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,”
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 30th June 2019.