Open Finance Glossary
A comprehensive reference of terms and acronyms used in the UAE Open Finance ecosystem.
A
- AIS Account Information Service
- A service that provides consolidated information on payment accounts held by a user at other payment service providers.
- ASPSP Account Servicing Payment Service Provider
- A term used in open banking for a provider that holds payment accounts. UAE integration guidance uses LFI; TPP access is mediated by the central API Hub.
- Al Tareq
- The UAE Open Finance brand. Nebras operates the central infrastructure under CBUAE oversight.
- API Application Programming Interface
- A set of protocols and tools that allow different software applications to communicate with each other.
- API Hub
- The central mediator between TPPs and LFIs in UAE Open Finance. It exposes TPP-facing APIs, acts as the OIDC/FAPI authorization server, issues access tokens and owns consent state.
B
- BDSP Bank Data Sharing Provider
- A directory role for bank data sharing. A role claim describes permissions and does not establish an organization’s licence category.
- BSIP Bank Service Initiation Provider
- A directory role for bank service initiation. Consult the operator’s documentation for the permissions attached to this role.
C
- CIBA Client Initiated Backchannel Authentication
- An OpenID authentication flow that separates the client request from the device on which the user authenticates.
- CBUAE Central Bank of the United Arab Emirates
- The regulatory authority overseeing the UAE Open Finance framework and licensing of financial institutions.
- Consent
- Customer authorization for financial data sharing or payment initiation. In UAE Open Finance, the API Hub creates and manages the consent state; an LFI does not keep an independent consent state.
- CoP Confirmation of Payee
- A name-checking service that verifies the recipient's name before a payment is made, helping prevent misdirected payments.
D
- DCR Dynamic Client Registration
- Registration of an OAuth client through a protocol endpoint. Directory flags are declarations and do not verify this endpoint’s availability.
- Directory Trust Framework Directory
- A registry publishing organization registrations, role claims, authorization servers and API resources. Published metadata does not establish live usage or successful integration.
F
- FAPI Financial-grade API
- A security standard specifically designed for high-risk financial APIs, providing enhanced protection against attacks.
I
- ISP Insurance Service Provider
- A directory role for insurance service provision.
L
- LFI Licensed Financial Institution
- A regulated financial institution, such as a bank or insurer, that provides data or services through the API Hub using its Ozone Connect backend interface.
M
- mTLS Mutual Transport Layer Security
- A security protocol where both client and server authenticate each other using digital certificates.
N
- Nebras
- The operator of the Al Tareq platform, responsible for the technical and operational aspects of UAE Open Finance infrastructure.
O
- OAuth Open Authorization
- An open standard for access delegation, commonly used to grant websites or applications access to information without sharing passwords.
- Open Banking
- A system where banks and other financial institutions share customer data with third parties via APIs, with customer consent.
- Open Finance
- An extension of Open Banking that includes sharing of data beyond payment accounts, such as insurance, investments, and pensions.
- Ozone Connect
- The LFI backend interface called by the API Hub to retrieve data and execute services. TPPs use the Hub-facing APIs instead of calling this interface directly.
P
- PIS Payment Initiation Service
- A service that initiates a payment from a customer's bank account at their request.
- PKCE Proof Key for Code Exchange
- An extension to OAuth 2.0 that prevents authorization code interception attacks.
- PSP Payment Service Provider
- An organization that provides payment services such as processing transactions or enabling payments.
R
- Raidiam
- The technology provider powering the UAE Open Finance trust framework and directory services.
S
- Sandbox
- A testing environment that allows TPPs to develop and test their applications without affecting real customer data.
- SCA Strong Customer Authentication
- Multi-factor authentication required for accessing payment accounts or initiating transactions.
T
- TPP Third Party Provider
- A provider consuming Open Finance services through the API Hub. Customer data sharing and payment initiation require consent. An LFI can also act as a TPP where its licence and permissions allow.
- Trust Framework
- The legal, regulatory, and technical rules governing how participants interact within the Open Finance ecosystem.