This Central Bank of Bahrain (CBB) regulation outlines the framework for Open Banking, focusing on ancillary service providers like Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs). It establishes regulatory standards to ensure the security and integrity of customer data when accessing accounts through APIs, emphasizing risk management and customer protection.
Key requirements
- AISPs and PISPs must adhere to the Bahrain Open Banking Framework (BOBF) Operational Guidelines, Security Standards and Guidelines, API Specifications, and Customer Journey Guidelines.
- AISPs and PISPs must ensure compliance with BOBF standards is subject to independent review and testing by an independent consultant upon implementation.
- AISPs and PISPs must ensure their technology solution is easily accessible and downloadable as a standalone application.
Applies to: Ancillary service providers including Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) operating in Bahrain.