What is Open Banking?
Open Banking is a brand-new, secure way for you to share your banking information, allowing new and existing companies (Licensed by the CBB) to offer super-fast payment methods and innovative banking solutions.
How will Open Banking benefit you?
Initially, Open Banking will make it easier for you to compare the details of your accounts and other banking services across different banks in Bahrain. Say you are looking for a new or better banking product, sharing your information with this new technology makes it easy to find the best product for your individual needs.
Let's explore a few possible examples:
1. Personal financial management apps
These can show you where your money is being spent and where it is coming from
2. Aggregator Applications
A single view of all your accounts across different banks in one place
Who can use KHCB Open Banking services?
Open Banking is available for individual customers who hold active accounts and have a registered mobile number with KHCB.
Open Banking features:
Enable and manage your KHCB account through third-party applications
View & manage all active consents provided to third-party applications
Process quick payments through third-party applications
View all payments processed through third-party applications conveniently
Enable your KHCB accounts for Open Banking services:
Download our Mobile Application “KHCB Online" & register as a user
Click “Open Banking" in the app's Main Menu to access the service
Click “Enabled Accounts" in the Sub Menu & accept the Terms & Conditions
Select the Accounts that you would like to enable for Open Banking
Your accounts are now linked & can be viewed under the “Enabled Accounts" tab
Granting access to third-party applications:
Register with a third-party application licensed by the CBB
Select “Khaleeji Commercial Bank" in the list of banks displayed
You will receive a notification on the KHCB Mobile App containing the request
Approve it to grant permission for the selected accounts
Your account information can now be accessed by the third-party application
You can now view and revoke your permissions at any time under the “Consents" tab.
Initiating payments from third-party applications:
Register with a third-party application licensed by the CBB
Select “Khaleeji Commercial Bank" in the list of banks displayed
You will receive a notification on the KHCB Mobile App containing the transaction details
Select the account you would like to pay from and click approve
The approved transaction will be processed by the third-party application
You can now view the transaction's status under the “Payments" tab