Bahrain Islamic Bank ready for open banking services

Bahrain Islamic Bank (BisB) yesterday announced its readiness for open banking services to its customers, effective 1 July 2019. The open banking services features two types of services, the first being the Account Information Service, which comprise granting customers’ access to their bank account data from different banks through a single unified platform; the second entailing the ability of customers to easily and effectively make payments and transfers between different accounts through a single application.

In the future, customers will be able to benefit from this streamlined platform, which provides them access to all of the leading banks and companies that provide banking services, enabling them to compare alternatives and select the option they require, the bank said in a statement.

“Open Banking is a game changer, it broadens the horizons for our customers, offering new online payment channels without the need for credit cards or debit cards, as well as providing access to their different bank accounts through a single digital platform,” said the Chief Executive Officer of BisB, Hassan Jarrar.

“We have securely positioned ourselves as a unique institution amongst the other leading banks in the Kingdom, setting the pace of competition in the digital race, in light of our unwavering commitment to continually provide innovative banking products and services. We look forward to working with FinTech companies and other institutions to implement the CBB’s directives and spearhead digital innovation in the banking sector,” he added.