These solution offerings demonstrate how Open Finance APIs can be combined to deliver smarter, faster, and more inclusive financial services, further transforming the way individuals, businesses, and institutions interact with finance. These examples also highlight the wide-ranging benefits and opportunities that Open Finance brings to consumers, businesses, and financial institutions alike.
Explore use casesConsumer 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.
