After recently updating its Open Banking Framework and mandating all licensed banks to expose APIs for corporate accounts, the CBB requires the obtaining of customer consent and authentication, licensee disclosure, and reporting API performance by service providers. Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) are demanded to work together with banks to create standard API specifications and operational guidelines based on Bahrain’s Open Banking framework.
Introducing Corporate Banking APIs is set to enable Third-Party Service Providers (TPPs) to develop new, business-aligned products and solutions, including financial management tools, automated payment services, and data-supported insights. Also, it can allow small and medium-sized enterprises (SMEs) to get access to financial solutions by allowing fintech companies to offer customised credit tools based on more accurate data assessments.
When commenting on the announcement, representatives from Spire underlined that the collaboration with Salt Edge is set to enable their company to assist Bahrain’s objectives regarding its Open Banking journey. By supporting financial institutions in expanding Open Banking to corporate accounts, the two organisations plan to empower businesses to simplify and optimise their operations, augment financial management, and benefit from additional growth opportunities. Also, the move aims to develop financial inclusion and innovation in the ecosystem of the Kingdom of Bahrain.
Moreover, automating compliance processes and offering real-time insights through Spire’s platform focuses on allowing banks to navigate the regulatory environment, remaining compliant with legal requirements in the region.
Besides its collaboration with Spire, Salt Edge recently teamed up with other industry participants to further advance its development strategy and expand its global footprint. For example, towards the end of October 2024, the company expanded its partnership with Juni to offer customers Open Banking features. Initially teaming up in 2020 via Salt Edge’s Partner Program for Account Information Services (AIS), the two organisations planned to build on this work and meet customers’ demands, needs, and preferences while remaining compliant with regulatory requirements. In addition to its focus on collaborations, Salt Edge also released an article highlighting how Open Banking could modify and educate behaviours to minimise carbon footprints.
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