National Bank of Bahrain sets New standards for digital banking services

Media IN Manama, May 15 2019 (BNA):

National Bank of Bahrain (NBB) has taken a role in evolving the banking industry in the region, by adopting technologies that enable it to deliver new open banking services to its customers.

Open banking enables account holders to share their account information and payment history externally with other banks and with licensed third parties. This means that account holders can link multiple accounts from different banks together and view all of their financial assets and liabilities from within a single mobile app or online banking service. It also means they will be able to link their accounts to verified, independent apps that offer a broader range of services and functionality.

NBB’s new systems are provided by Tarabut Gateway, a new specialist fintech and open banking infrastructure provider. Tarabut Gateway’s technologies will enable NBB’s customers to connect their account to any bank in Bahrain and create a consolidated view of their finances from within the NBB’s online and mobile banking apps. This is the first significant partnership between an open banking fintech and a major bank in the Middle East and reflects NBB’s commitment to transform and diversify its business through investment in digital infrastructure and services.

In November 2018, the Central Bank of Bahrain (CBB) introduced regulation that mandated the adoption of open banking by all banks in the Kingdom by June 30. In line with CBB’s long term vision for open banking, and NBB’s strategy and commitment to innovation, NBB has taken a strategic decision to develop its systems beyond the regulation’s basic requirements, by investing in systems that enable it to enhance the customer experience through transparency and efficiency.

NBB’s infrastructure will enable it to set new standards for digital banking services, and deliver immediate value to its customers. Banks in other markets, like the UK, have taken years to reach this point. NBB has achieved it in less than six months,” he added.