Benefits
Enhanced payment flows
Enable direct bank-to-bank transactions that bypass traditional payment methods, reducing costs and simplifying processes.
Personalized financial services
As a fintech or third-party provider (TPP), gain secure access to customer bank account information to offer tailored financial services.
Cost-Effective Solutions
For merchants and acquirers, reduce transaction fees significantly by accepting payments directly from bank accounts.
Secure and compliant
Our solutions are designed with advanced security measures to protect customer data and reduce the risk of fraud, ensuring compliance with regulatory requirements.
Features
Our APIs provide a safe conduit for businesses to access essential financial data from customers' bank accounts, enabling a wealth of innovative services and enhancing data-driven decision-making.
Facilitate direct payments using real-time payment rails, which are not only faster but also more efficient than traditional methods.
This ensures that transactions are smooth and immediate, enhancing customer satisfaction.
Utilize the financial data accessed through Open Banking to gain valuable insights into your customers’ financial behaviors.
Tailor your services to better fit their needs and preferences, enabling a more customized approach to service delivery.
Create and offer versatile payment options that make use of direct bank account access. This not only simplifies the payment process by eliminating the need for card details and extensive data entry but also enhances the overall user experience.
FAQ
Open Banking is a system that allows you to share your financial data with authorized third-party providers. This is done by the use of APIs, which allow different software systems to communicate with each other.
Yes, Open Banking is safe and secure. The system is regulated by financial authorities, and third-party providers must be authorized and monitored to ensure that they comply with strict security standards. Also, you can control who has access to your data and for what purposes.
An API is a set of instructions that allows different software systems to communicate with each other. When you use Open Banking, you will be asked to give permission for third-party provider to access your financial data to offer you services or products.
Yes, our APIs are secure. We use advanced encryption and authentication methods to protect your data and prevent unauthorized access.
AFS provide both AISP and PISP APIs, these APIs are built based on the Bahrain Open Banking Framework and can be integrated with an existing product or service. You can request signup on our website https://openbanking.afs.com.bh and get access to the APIs sandbox to get started with Open Banking APIs and use cases.
No, only authorized third-party providers can access your data through Open Banking based on consent provided by the user. User have full control over who can access your data and for what purposes, the consent provided can also be revoked by the user.
You can control who has access to your data by giving permission through a mobile app or the third-party interface. You can also revoke permission at any time if you no longer want the third-party provider to have access.
No, a third-party provider cannot make a payment from your account without your authorization. You will always be asked to confirm and authorize any payment on the bank’s web or the app page before it is initiated using the Open Banking payments API.
No, you need to have online banking or a mobile banking app to use Open Banking. This is because you will need to give permission for third-party providers to access your financial data through your online banking or mobile app.
Third-party will only be able to see the financial data that you gave them permission to access. This might include information about your accounts, transactions, and balances, but they will not be able to see sensitive information.
Bank coverage refers to the number of banks that are participating in Open Banking.
An Open Banking primary business contact is a designated point of contact for business-related issues related to Open Banking. It is responsible for ensuring that business requirements and specifications are met, and for resolving any business issues that may arise. For AFS you may contact us at [email protected]
You may contact the Open Banking primary business contact over an email [email protected].
For any additional questions, please reach out to [email protected]
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