As the Central Bank of Bahrain (CBB) has updated its Open Banking Framework, Salt Edge and Spire will assist this update by helping to streamline bank account openings.
By helping banks to extend Open Banking to corporate accounts, Salt Edge seeks to empower businesses to streamline operations, improve financial management, and unlock new growth opportunities.
Salt Edge and Spire will look to automate compliance processes and provide real-time insights. Salt Edge’s platform empowers banks to navigate the complex regulatory environment with greater ease as the CBB mandates Open Banking for corporate accounts.
Aamir Janjua, Co-Founder and Deputy CEO at Spire, said: “Spire, together with Salt Edge, is thrilled to support Bahrain’s ambitious open banking journey. By helping banks to extend open banking to corporate accounts, we’re empowering businesses to streamline operations, improve financial management, and unlock new growth opportunities.
“This is a significant step towards a more inclusive and innovative financial ecosystem in the Kingdom of Bahrain. Our Open Banking Compliance Hub is a strategic solution for Bahraini banks.
“By automating compliance processes and providing real-time insights, our platform empowers banks to navigate the complex regulatory environment with confidence. As the CBB mandates open banking for corporate accounts, the Compliance Hub becomes an essential tool for banks to ensure adherence to the latest regulations and drive innovation in the market.”
Under Bahrain’s newly updated Open Banking framework, companies will be able to obtain customer consent and authentication through advanced APIs licensee disclosures and reporting API performance by service providers.
Bahrain was the first country to introduce Open Banking in the Middle East via its Open Banking Framework in October 2022. These new amendments will seek to ensure compliance within its financial sector.
Under the new regulations, banks are now required to allow Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) access to account information for legal entities after securing their consent.
AISPs and PISPs must collaborate with banks to establish standard API specifications and operational guidelines based on Bahrain’s Open Banking Framework.
Beleuta Alina, CGO, Head of Business Development and Alliances at Salt Edge, added: “Salt Edge is happy to join Spire in enabling Bahraini banks with globally proven open banking solutions.
“Adding corporate accounts to the scope of mandated APIs unlocks important open banking use cases for ERPs, corporate lending, invoicing, and investment, ensuring more financial inclusivity for driving segments of the economy like SMEs.”
