Manama, September 15 (BNA) The Central Bank of Bahrain issued a circular regarding the second phase of the Bahrain Open Banking Framework (Bahrain OBF). The Central Bank of Bahrain has directed retail banks and financial institutions to implement the requirements of the second phase of the framework by June 30, 2022. The second phase of the framework includes guidelines and standards related to the following services:
Share open data (publicly available data such as ATM locator, branch location, etc.)
Local standing orders
International standing orders
International future payments
Bulk Payment / One-time Payment
It is worth noting that the Central Bank of Bahrain successfully launched the first phase of OBF Bahrain in May 2020.
OBF in Bahrain aims to improve the access and quality of services provided by retail banks through online and mobile digital channels. This initiative is part of a larger upgrade of the Bahraini financial sector to remain competitive in the face of the demand for connectivity within the financial services ecosystem. OBF will help Bahrain enhance competition and enhance the efficiency of the financial system in light of changing consumer trends. The framework includes supporting technical standards such as APIs, customer experience guidelines, cybersecurity standards and other relevant operational standards.
On this occasion, Yousef Al-Fadhel, Executive Director – Corporate Services at the Central Bank of Bahrain said: “The new directives for the second phase of OBF Bahrain will provide an opportunity for retail banks and financial institutions to provide a wide range of services more efficiently. At lower costs and in a more customer-centric manner. This will lead to Increasing competition and efficiency of the financial system while taking into account changing consumer trends, and accelerating the shift towards a digital economy on a larger scale.”
NS