Glossary of Terms

No.

Term

Definition

1

Open Finance

Open Finance is an initiative where customers can safely share their financial data with apps and services they trust.

2

AlTareq

The UAE’s national Open Finance initiative connecting banks, insurers, exchange houses and fintech/third-party apps securely.

3

Consent

Your explicit permission before sharing data or initiating a service.

4

CBUAE

Central Bank of the United Arab Emirates, regulator of Open Finance in the UAE.

5

Licensed Financial Institution (LFI)

A bank or financial institution regulated by the Central Bank of the UAE.

6

Third-Party Provider (TPP)

A company regulated by CBUAE to access financial data or initiate services with your consent, using AlTareq connections. They could be a fintech, a bank, an insurer, a broker or another form of financial institution.

7

Application Programming Interface (API)

Technology that lets financial institutions and fintechs / apps communicate with each other securely.

8

Data Sharing

The process of sending your consented financial information to authorised apps or third-party services.

9

Service Initiation

The process of stating a transaction that your financial institution completes, with an authorized app or third-party service.

10

User Experience

How it is for you to use Open Finance apps or services.

11

Customer Journey

Steps you take to interact with Open Finance services.

12

AlTareq Consent Manager App

Centralised and trusted app that enables secure consent authorisation and management across LFIs and TPPs. It can manage all consents across the ecosystem and also act as the bank or insurer or other financial institution, if they do not have a digital channel of their own.

13

Quotes (via AlTareq)

The process of obtaining quotes for new products or services that you may wish to have, via a third-party from all, or selected, financial institutions.

14

Onboarding (via AlTareq)

The process of giving information and documents via a third-party app or service to help with the onboarding of you as a customer with a financial institution.