Open Banking API Summary

Overview of our APIs and features currently available

Important information

The Open Banking initiative is a secure way to give Third Party Payment Providers (TPPs) authorised access to your accounts and financial information.

The language, terminology, documents and processes used or required by the Open Banking initiative  - for example in Technical Specifications and Standards, which all participants in the initiative (including Al Rayan Bank) have to adopt and apply -  are designed for the entire banking sector, which is very largely conventional.  Therefore, although the headline objectives of Open Banking (to provide consumers with greater access to authorised products and services) are broadly Sharia compliant, the workings of the initiative do not expressly accommodate the operations of Islamic banks or factor in Sharia compliance.

Al Rayan Bank’s products, documents and workings are Sharia compliant.  Unfortunately, we cannot control or influence directly the Sharia compliance of any TPPs or the other participants in the Open Banking initiative.  However, what we have done is to make clear in any Open Banking documents we are required to adopt and apply (e.g. the Technical Specifications and Standards we are required to make available on our website to TPPs) what the Sharia compliant equivalent is of any non-Sharia compliant language or terminology in those documents.

Payments Initiation API - v3.1.0

The Payment Initiation API enables any Third Party Providers (TPP) registered as an approved Payment Initiation Service Provider (PISP) with Open Banking, to process the following requests:

  • Register an intent to setup a payment instruction
  • Subsequently submit the payment instruction for processing once it has been approved
  • Optionally retrieve the status of a payment setup or submission.

For further information in relation to the Payment Initiation API please refer to the Technical Specification

Account Information and Transaction API - v3.1.0

The Account Information and Transaction API enables any Third Party Providers (TPP) upon the request of the customer and corresponding consent, to process the following requests:

  • Register an intent to retrieve account information by creating an "account request".
  • This registers the data "permissions", expiration and historical period allowed for transactions / statements - that the customer (PSU) has consented to provide to the AISP; and
  • Subsequently retrieve account and transaction data.

For further information in relation to the Account Information and Transaction API please refer to the Technical Specification

Confirmation of Funds API - v3.1.0

The Confirmation of Funds API enables any Card Based Payment Instrument Issuer (CBPII) upon consent being provided by the PSU to process the following requests:

  • Register an intent to confirm funds by creating a "funds confirmation consent" resource with an ASPSP, for agreement between the PSU and ASPSP. This consent is a long lived consent and contains the length of time (expiration date) the customer (PSU) would like to provide to the CBPII
  • Subsequently make a request to confirm funds are available against an account when the currency of the account is the same as the source request.

For further information in relation to the Confirmation of Funds API please refer to the Technical Specification