CBB Issues Circular on Second Phase of Open Banking Framework
The Central Bank of Bahrain (CBB) issued a circular on the second phase of the open banking framework in Bahrain. CBB is directing retail banks and financial institutions to implement the requirements for the second phase of the framework by June 30, 2022. CBB had successfully launched the first phase of the open banking framework in May 2020.
The second phase of the framework includes guidelines and standards related to the following services:
- Sharing open data
- Domestic standing orders
- International standing orders
- International future dated payments
- Bulk or batch payment
The open banking framework aims to improve the reach and quality of services offered by retail banks through digital online and mobile channels. This initiative is part of a larger upgrade of the financial sector in Bahrain to remain competitive in the face of demand for connectivity within the financial services ecosystem. The open banking framework will help foster competition and enhance efficiency of the financial system in light of changing consumer trends. The framework includes supporting technical standards such as the application programming interfaces (APIs), customer experience guidelines, cyber-security standards, and other relevant operational standards.
Related Link: Press Release
Keywords: Middle East and Africa, Banking, Open Banking, Regtech, API, CBB
Previous Article
BCB Issues Rules on Open Banking and Climate Risk DisclosuresRelated Articles
CFPB Finalizes Rule on Small Business Lending Data Collection
The Consumer Financial Protection Bureau (CFPB) published a final rule that sets out data collection requirements on small business lending, under section 1071 of the Dodd-Frank Act.
BCBS to Consult on Pillar 3 Climate Risk Disclosures by End of 2023
The Bank for International Settlements (BIS) published a summary of the recent Basel Committee (BCBS) meetings.
FINMA Approves Merger of Credit Suisse and UBS
The Swiss Financial Market Supervisory Authority (FINMA) has approved the takeover of Credit Suisse by UBS.
BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks
The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.
US Congress Report Examines Data Privacy and Cybersecurity Regulations
The U.S. Congressional Research Service published a report on banking, data privacy, and cybersecurity regulation.
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
EU to Conduct One-Off Scenario Analysis to Assess Transition Risk
The European authorities recently made multiple announcements that impact the banking sector.
APRA Assesses Macro-Prudential Policy Settings, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) published an information paper that assesses its macro-prudential policy settings aimed at promoting stability at a systemic level.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.