A significant milestone in the UAE’s Open Finance journey under the Central Bank of the UAE’s Open Finance Initiative, AlTareq, has been reached with the announcement of Pay10 and First Abu Dhabi Bank (FAB), the country’s global bank and one of the biggest and safest financial institutions in the world, going live on Open Finance for its retail customers in the UAE.
One of the first banks in the UAE to introduce Open Banking to its clients, FAB has made it possible for some retail current and savings accounts to link via Open Finance, enabling safe access to Pay by Bank payment initiation and associated use cases.
Pay10 and FAB have successfully finished live transactions in the production environment as part of this go live phase, verifying end-to-end connection, data flows, and operational readiness. This milestone marks the shift from testing to regulated live use. Prior to a wider client launch, this phase enables Pay10 and FAB to verify actual customer journeys, transactions, and operational flows.
Nebras, which operates under the Central Bank of the United Arab Emirates’ supervision, has made Pay10 and FAB available on its Open Finance platform. This verifies that participating institutions have the necessary connection, governance, and control criteria in place.
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