Fintech company Spire and financial application programming interface (API) platform Salt Edge have joined forces in a move to bolster Bahrain’s corporate banking future with open banking.
In line with this, the Central Bank of Bahrain (CBB) has introduced updates to its open banking framework, requiring all licensed banks to provide API access for corporate accounts.
The revised framework mandates that banks secure customer consent and authentication, ensure transparency through disclosures, and report API performance metrics for services delivered by providers.
Spire co-founder and deputy CEO Aamir Janjua 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.”
Bahrain initially launched its open banking framework in October 2020, building on an earlier set of regulations from December 2018.
The recent amendments bring corporate accounts into the open banking ecosystem, aligning legal entities with the Middle Eastern country’s established framework.
Under the updated rules, banks must grant account information service providers (AISPs) and payment initiation service providers (PISPs) access to corporate account information, contingent on customer consent.
These service providers will work closely with banks to develop standardised API specifications and operational guidelines as per Bahrain’s open banking framework.
The inclusion of corporate banking APIs is expected to facilitate the development of business-oriented products, such as advanced financial management tools, automated payment solutions, and data-driven insights.
Additionally, small and medium-sized enterprises (SMEs) are anticipated to benefit, with fintech companies able to offer tailored credit solutions based on more comprehensive data analyses.
Salt Edge business development and alliances head Beleuta Alina said: “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.”
