What is Open Banking?
Open Banking connects banks and other service providers, enabling them to securely exchange data in an effort to improve the customer experience.
This occurs through two main categories of services:
- “Account information service” allows customers to share their bank account information with licensed third-party providers without sharing their log-in credentials through a single platform in an aggregated manner.
- “Payment initiation service” allows licensed third parties to initiate payments on behalf of customers to transfer funds between different customer accounts in a seamless manner through a mobile-based application.
Open Banking enables Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) to obtain access to the customer's banking, transaction, and other financial data with the permission of the customer using application programming interfaces (APIs). The customer will always have full authority over the information being accessed.
Eskan Bank is registered as an Account Servicing Payment Service Provider (ASPSP) that provides data access based on Bahrain Open Banking Framework (Bahrain OBF).
Third-Party Service Providers (TPPs) in Bahrain can access Eskan Bank’s Open Banking Service Developer Portal here.