Spire, a fintech leveraging open banking to make financial services accessible, is joining forces with Salt Edge, the financial API platform with PSD2 and open banking solutions, to help Bahraini banks extend open banking to corporate accounts.
The news comes after the Central Bank of Bahrain (CBB) updated its Open Banking Framework (OBF), mandating all licensed banks to expose APIs for corporate accounts. The amendments also require obtaining customer consent and authentication, licensee disclosures, and reporting API performance by service providers.
Bahrain, which was the first country in the Middle East to introduce open banking, launched its OBF in October 2020, following the initial set of rules released in December 2018. The latest amendments plan to bring legal entities in line with the existing open banking framework.
Under the new regulations, banks are now also 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 OBF.
Driving financial inclusivity in Bahrain
Now, Spire is working with Salt Edge to introduce Corporate Banking APIs to enable third-party service providers to create new, business-aligned products and solutions such as advanced financial management tools, automated payment solutions, and data-driven insights.
Alina Beleuta, CGO, head of business development and alliances at Salt Edge
“Salt Edge is happy to join Spire in enabling Bahraini banks with globally proven open banking solutions,” explained Alina Beleuta, CGO, head of business development and alliances at Salt Edge. “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.”
They also hope the move will give SMEs easier access to financing solutions by enabling fintech companies to provide personalised credit solutions based on more accurate data assessments.
Aamir Janjua, co-founder and deputy CEO at Spire, also said: “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.”
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