Open Finance lets a customer choose to share financial information or authorise a service
through an eligible provider. Start with what that could make possible, then check the
conditions behind it.
The idea
Start with the customer benefit.
A person or business may have financial information spread across several institutions.
Permission-based access can help a service bring that information together or initiate a
transaction the customer has chosen.
The CBUAE describes Open Finance as a way to give customers greater control and choice
through consented financial data. That is a purpose for the framework, rather than
evidence that every possible service is already available.
Read the CBUAE overview
.
Three practical possibilities.
Illustrative journeys to make the idea concrete. Availability depends on the provider,
institution, supported capability, and applicable requirements.
An SME cash view
Several bank accounts. Less switching.
A business could choose to share balances and transactions from its accounts with a service that brings the information into one view.
A question to carry forward
Which accounts are covered, how recent is the data, and what happens when access stops?
At a checkout, a customer could approve a payment from their bank account through an authorised provider. The payment has its own consent and status journey.
A question to carry forward
Are the amount and recipient clear, and can the service distinguish a submitted payment from a completed one?
Before considering what to build, be clear about what the customer is agreeing to. A
data-sharing permission and a payment instruction serve different purposes; one should
not be treated as permission for the other.
Authentication and authorisation are also different. Authentication checks who the
customer is. Authorisation records the access or action they approve. The supported
journey may use the institution's channels or the Al Tareq centralised authentication
and authorisation solution.
Check the official integration guidance
.
Who participates?
A few terms explain the roles. The official framework determines the permissions and
obligations that apply.
Customer
The person or business choosing the service and authorising the relevant access or
action.
Licensed Financial Institution (LFI)
An institution, such as a bank or insurer, holding the relevant customer account,
policy, or financial information.
Third Party Provider (TPP)
A provider using the framework's services within its permitted role. An LFI can also
act as a TPP; check the requirements for the activity.
CBUAE & the framework
The regulator and the regulated infrastructure supporting participation, secure
access, and common interfaces.
Explore bank data sharing, payment initiation, Confirmation of Payee, product
information, insurance services, and ATM information. API families, supported versions,
and available services need checking for the proposition and institutions you have in
mind.
Published specifications describe the contract; they do not prove that every institution
supports every capability. Recheck versions, errata, and applicable official guidance
before making an implementation decision.
AI-assisted drafting and source review by Codex, . Editorial contact:
@michartmann
.