CBB launches the Bahrain Open Banking Framework

CBB launches the Bahrain Open Banking Framework

The Central Bank of Bahrain (CBB) launched the Bahrain Open Banking Framework (Bahrain OBF) to ensure holistic implementation of Open Banking services by the industry. This framework includes detailed operational guidelines, security standards and guidelines, customer experience guidelines, technical open Application Programming Interface (API) specifications and the overall governance framework needed to protect customer data. These standards follow the comprehensive rules on Open Banking which were previously issued in December 2018. The framework was developed in collaboration with Deloitte and in consultation with retail banks and other financial institutions in Bahrain. Open Banking services entail the provision of two broad categories of services. The first is “account information service” which provides customers with access to all bank account information in an aggregated manner through a single platform, whereas