Token, Almoayed partner to support Open Banking in MENA

Open banking platform provider Token has partnered with Almoayed Technologies to bring open banking to the MENA region.

Following the Bahrain open banking rule announcement, the companies have teamed up to support fast and simple compliance for banks in the country.

Through Token’s API, banks in Bahrain will access a common platform to offer open banking payment and information services quickly and efficiently. It will also offer secure and frictionless access to banks for third-party providers, the company claims.

By establishing this single API for all banks, the company are hoping to avoid pitfalls in open banking implementation, such as a fragmented market caused by various different APIs in use.

The solution has been used in a sandbox environment, and over six-months it has produced a proof-of-concept connecting 11 banks with two third-parties.

Token founder and CEO Steve Kirsch said, “Through our platform, financial institutions, merchants and TPPs in Bahrain and beyond will gain access to a fully operational API banking infrastructure, supporting the MENA region’s objective to be a best-in-class reference point for open banking.

“While the world is focused on Europe, thanks to PSD2, open banking is also gaining traction in other regions across the globe. Almoayed Technologies brings established relationships across the Peninsula and strong technical competencies for on-the-ground implementation support. We look forward to working in tandem to support the growth of API-led banking across the region.”

Token is a single API developer which aims to support banks and third-parties with PSD2 compliance. The platform enables both players to connect and build bank direct payment methods and data aggregation solution for customers.

Earlier in the year, the company received authorisation from UK regulator the Financial Conduct Authority.

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