Regulatory Alerts2023-10-18
Added · Updated
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.
Central Bank of Bahrain
مصرف البحرين المركزي
OG/337/2023
4th October 2023
Chief Executive Officer
All Retail Banks
All Account Information Service Providers
All Payment Initiation Service Providers
Manama
Kingdom of Bahrain
Dear Sir/ Madam,
Consultation: Proposed Requirements for Open Banking Authentication, ASPSP Disclosures and AISP/PISP Reporting on API Performance Statistics
As part of the CBB’s objective to enhance its regulatory framework, the CBB is hereby proposing the following amendments:
- Embedded authentication flow for onboarding customers by AISPs/PISPs which will replace the existing redirection/decoupled authentication flows in Bahrain Open Banking Framework (BOBF).
- Public disclosures and CBB reporting requirements on API performance statistics by ASPSPs (see attached amendments to CBB Reporting Requirements Module (Module BR) and Public Disclosure Requirement Module (Module PD) under Volumes 1 and 2).
- CBB reporting requirements on Open Banking performance by AISPs/PISPs (see attached amendments to CBB Reporting Requirements Module (Module BR) under Volume 5 – Type 7: Ancillary Service Providers).
The above proposed amendments will supersede the corresponding requirements in BOBF.
In this respect, we seek your input with regards to your readiness as well as the time period needed for full implementation of these requirements. The CBB is considering requiring the licensees to whom this circular is addressed to implement the requirements with effect from 1st April 2024.
The proposed amendments are attached and will be available on the CBB website (www.cbb.gov.bh) under the “open consultations” section.
The CBB requests you to provide your comments, including “nil comments” on the proposed amendments in an editable format to consultation@cbb.gov.bh by 18th October 2023.
Yours faithfully,
Rasheed M. Al-Maraj
Governor
cc: Bahrain Association of Banks
Audit Firms
هاتف: +973 1754 7000، فاكس: +973 1753 7799، ص.ب 27، المنامة، مملكة البحرين
T +973 1754 7500, +973 1754 7555, F +973 1753 7799, P.O. Box 27, Manama, Kingdom of Bahrain, www.cbb.gov.bh
More like this from CBB
We email you every new CBB publication the day it's published.