Abu Dhabi Islamic Bank has launched its first application programming interface (API) developer portal that will allow fintech developers to drive change towards open banking, a press release from the bank said.
“ADIB customers will be able to connect a new world of secure apps and services to their banking easily, including the ability to see accounts held with other providers through their ADIB mobile app,” the statement read.
ADIB’s Open Banking API platform follows UK Open Banking standards. It aims to provide a range of data to access, use and share by Third-Party Providers (TPPs) such as payment initiators, account aggregators, and other fintechs to deliver new digital services to meet customer and market expectations.
“The technology of open APIs provides the means for real-time connectivity, transparency, and speed. The goal of open banking is to securely open data and services so that trusted third parties can drive innovation,” Kamran Khan wrote in an oped on ITP.net’s sister publication Arabian Business.
Open Banking also offers customers more control over their financial data. The portal complies with the highest international standards on data privacy, ensuring the security of customers’ personal data.
