Altareq enables new ways for consumers and businesses to access financial services through a secure system of regulated providers.
Traditionally, financial services have only been available via banks, insurers or lenders - now AlTareq lets you access financial services in the apps and services you choose and where you need them.
You
Your Financial Institution
Your Fintech Service
AlTareq powered apps and Services
Connected. Regulated. Secure.
Get more informed insights using AlTareq enabled apps and services from regulated providers. Discover where you can start using AlTareq today.
Abu Dhabi Islamic Bank
Lean Technologies
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank
We balance and align the commercial interests of Third-Party Providers, Licensed Financial Institutions, and the central infrastructure, to foster collaboration and innovation. We have created a simple and transparent per API call pricing model and a series of Third-Party Provider fees, to be paid to Licensed Financial Institutions to reflect their significant contribution to enable Open Finance.
We implemented a dynamic liability model that adapts to use cases and assigns responsibility appropriately. The CBUAE also has the power to adjust regulatory capital requirements for both Licensed Financial Institutions (LFIs) and Third-Party Providers (TPPs), reflecting their operations and scale.
We enable efficient payment experiences through Strong Customer Authentication (SCA) and fully flexible Variable Recurring Payments (VRP), allowing for Near Field Communication(NFC), embedded and pre-approved payments to support a breadth of use cases.
We have included all Licensed Financial Institutions within our scope, including non-digitised institutions through Nebras’s Authentication-as-a-Service
We have the possibility to cover a wide spectrum of financial services, including Open Banking, Insurance, Foreign Exchange (FX), Acquiring, e-Wallets, Credit, and Mortgages.
We facilitate industry-wide integration with a single, whole-of-market connection, complemented by a built-in Value-Added Services marketplace.
We provide a fully flexible API service that Licensed Financial Institutions can leverage to create innovative, monetisable solutions beyond the CBUAE regulatory mandate.
We ensure a comprehensive data scope encompassing customer, product, and transaction data, with bespoke consents tailored to consumer preferences and durations.
We leverage global standards to align with international best practices, while also learning from their implementation and adding new functionalities to enhance the ecosystem.
We created universal branding for Open Finance in the UAE, known as AlTareq, establishing a trust-mark for the service in the process. We also implemented centralised consent management to streamline user experiences with the aim to build trust and familiarity across the ecosystem.
Open Finance is a system that allows financial institutions to securely share their data with accredited Third-Party Providers to develop innovative financial services.
It provides customers with more choices, better financial products, and improved control over their financial information.
Customer data, transaction data, product data, and other financial information can be shared with consent.
Yes, Open Finance employs robust security measures including strong authentication, encryption, and regulatory compliance to protect customer data.
Single instant payments, future dated payments, international payments, recurring payments, and more.
Open Finance allows for the provision of quotes by leveraging end-users’ comprehensive profiles and historical data to provide more accurate, comparable, and personalised offerings.
Consumer e-wallet or prepaid card ecosystem allowing individuals to spend money or send money to each other.
Open Finance can facilitate this by enabling and even automating the instant payments between bank accounts and the e-wallet or prepaid card, therefore reducing user friction.
Enable domestic merchants to accept digital payments either online or in store through providing consumers a method to make payment, receiving these funds and reconciling and settling the transactions.
Open Finance can help by giving a merchant’s consumers options such as instant payments, the creation of payment consents for recurring transactions (e.g., subscriptions), or pre-approved ‘consent’ with defined thresholds and limits. This eliminates the need for ongoing approvals for every future payment therefore improving consumer experience and order conversion.
Help large corporates to manage their funds, optimising liquidity, and mitigating liquidity risks.
Open Finance can help by having shared account data monitored and optimised, automatically receiving and sending payments and within pre-defined ‘consents’ from / to a company’s accounts, therefore allowing a business to optimise their liquidity and associated risks. Open Finance also streamlines financial processes by integrating with corporate tax, accounting and ERP systems.
Help SMEs to manage their funds, optimise liquidity, and mitigate liquidity risks.
Open Finance can help by providing advanced digital SME account and balance aggregation services, including holistic financial analysis, forecasting, smart invoice requests and instantaneous payments sending, therefore allowing a business to optimise their operations, payments, liquidity and associated risks.
Empower individuals with a holistic financial view of their finances, including account aggregation, savings or investment optimisation, budgeting and spending analysis, and standard digital banking capabilities in a single interface, such as sending money to investment services.
Open Finance can help by seamlessly aggregate all of an individual’s banking information, including accounts, payments, and insurance information, and by facilitating payments into associated savings and/ or investment accounts based on consumer needs and behaviour.
Help consumers, SMEs and corporates make currency exchange transactions with remittance. Consumers enjoy the benefit of comparable quotes and the option to settle on to a pre-paid card for international use.
Open Finance can help by allowing a customer to complete instant and recurring (e.g., monthly) currency exchange transaction via a TPP, based on a real-time or predefined consent, and initiate the remittance process to overseas recipients, therefore creating a near real-time currency exchange and remittance process. Open Finance can also fund the exchange transaction from another bank in the UAE holding Dirhams, settling the funding into a dedicated account for the currency exchange.
Embed financial services products and services into non-financial consumer platforms such as e-commerce, travel, home, motor, and health.
Open Finance can help by generating tailored financial services offers, including credit, insurance, currency exchange, and savings accounts into non-financial marketplaces and platforms. By offering these services contextually—such as insurance when booking a holiday or financing options for a car purchase—AlTareq enhances the customer experience and improves convenience across these platforms.
Financial marketplaces across banking, insurance, and currency exchange for consumers to inquire and receive (tailored) quotes for products and services.
Open Finance can help by empowering users to compare their existing financial services against quotes generated across banking, insurance and currency exchange services. It can also facilitate automated funds transfers and seamless switching between savings accounts, for example.
Banks leverage software platforms to improve their internal and customer facing processes, including credit risk decisioning, onboarding, drawdown of loans in addition to monitoring of ongoing product performance.
Open Finance can help by providing a capability to seamlessly share a customer data with bank platforms, therefore improving the bank’s ability to automate analysis or streamline digital processes.
General Support: Monday to Friday, from 9 AM to 6 PM, reachable via Jira / email.
Critical Incidents: 24/7 support is available through the Emergency Telephone Line: +971 4 328 2979.
Participants can submit dispute cases by providing essential information, including a summary of the dispute, system logs, and details on how the dispute is affecting their customers or operations.
Online Case Submission: Streamline the support process by directly accessing the Jira case management system via the Al Tareq - Jira Service Management link. This allows you to quickly submit and track the real-time progress of your cases.
Email: Contact the service desk by sending a detailed email of your issue to Support@Nebrasopenfinance.ae. Ensure you include all necessary information, such as a summary of the problem, system logs (if available), and how the issue impacts your operations.
Telephone: Access the dedicated telephone line at +971 4 328 2979 to connect directly with the support team. Telephone agents can assist you in creating cases, tracking their progress, and providing real-time updates.
If you are not satisfied with the initial case resolution, you have the option to escalate your case. A senior team member will review the escalated issues, conduct a deeper investigation and potentially offer additional solutions. To escalate a case, send an email to the Escalations Team at Escalations@NebrasOpenFinance.ae. Be sure to include a summary of the case, details of any initial resolution received, and the original case number.
The Nebras Open Finance management team will escalate cases to CBUAE for adjudication, if a regulatory breach requires subjective decision making or their intervention, regardless of the submission channel.
Allows customers to have better sight and control over their data and transactions, providing transparency and enabling informed financial decisions.
Lowers entry barriers for new innovative solutions by providing access to a wide range of financial data and services through standardised APIs.
Encourages innovation and a competitive environment around customer experience by enabling the development of new financial products and services.
Enhances operational efficiency through data sharing and collaboration via interconnectivity between financial institutions and third-party providers.
Allows businesses to reach new markets and customer segments by leveraging Open Finance data and services.
Empowers businesses to create more personalised and customer-centric financial solutions, leading to higher customer satisfaction and retention.
Accelerates the digital transformation of financial services, leading to automation and cost savings for customers and providers.
Provides access to customers’ financial data and facilitates collaboration among different players in the ecosystem.
Uncover the latest in Open Finance trends, innovations, and impacts as it reshapes how we access and manage financial data.
The Annual Report of the CBUAE outlines its key achievements in 2021, which are represented in several main areas, including follow-up to the implementation of the Targeted Economic Support Scheme
Learn how Open Finance is driving transparency, personalization, and innovation in the financial industry.
Nebras Board of Director’s Profiles
H.E. Saif Humaid Al Dhaheri is the Assistant Governor for Banking Operations and Support Services at the Central Bank of the UAE (CBUAE), and Chairman of the Board of Nebras.
H.E. Saif Humaid Al Dhaheri is the Assistant Governor for Banking Operations and Support Services at the Central Bank of the UAE (CBUAE), and Chairman of the Board of Nebras. H.E. Al Dhaheri plays a pivotal role in the nation's financial infrastructure. He chairs Al Etihad Payments and Oumolat Security Printing LLC and O & S Security Solutions LLC. His extensive involvement includes participation in the Digital Economy Council and the World Economic Forum's Central Bank Digital Currency Working Group.
Raheel Ahmed is the Group CEO of RAKBANK, where he spearheads the bank’s transformation into a digital-first, customer-centric organisation.
Raheel Ahmed is the Group CEO of RAKBANK, where he spearheads the bank’s transformation into a digital-first, customer-centric organisation. With over 30 years of international banking experience across Europe, Asia, the Middle East, and Africa, he has held senior leadership roles at Barclays, Standard Chartered, and Citigroup. Raheel is widely recognised for his expertise in driving innovation, inclusive finance, and sustainable growth across global markets. In addition to his role at RAKBANK, Raheel currently serves as a Board Member at RAK Insurance and has served as Chairman of the UBF Fintech Committee.
