Regulatory Alerts2023-10-18
Proposed Requirements for Open Banking Authentication, ASPSP Disclosures and AISP/PISP Reporting on API Performance Statistics
The Central Bank of Bahrain proposes amendments to the Bahrain Open Banking Framework that mandate embedded authentication flows for customer onboarding by Account Information and Payment Initiation Service Providers. These requirements obligate Account Service Provider Sponsored Payment Service Providers to publicly disclose and report API performance statistics while introducing parallel reporting obligations for AISPs and PISPs. Licensees must implement the updated framework by 1st April 2024, following a consultation period that closes on 18th October 2023.
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