Security & Regulation
How do I give consent?
Consent requests are initiated through the a Spare integration and consent authorisation is then confirmed by you via your selected Licensed Financial Institution (e.g. bank or insurer) AlTareq Consent Manager. You can view, pause, or cancel your consent at any time through any of the banking platforms.Few readersIs AlTareq safe?
AlTareq places nothing above its security, reliability and the Open Finance regulatory protection afforded to customers. Only providers that are licensed and regulated by the Central Bank of the UAE (CBUAE) can access your data, and only with your explicit, informed consent. AlTareq is built with world-class levels of protection, utilising advanced security tools such as multi-factor authentication and encryption to ensure your information and the financial services you use remain private and seFew readersWhat type of data is shared through AlTareq?
With your consent, AlTareq allows the sharing of:
Your account details, such as name, account number, account balance, and transaction history.
Your insurance information, such as policy numbers, coverage specifics, and claims history.
Your foreign exchange data, such as currency types, transaction amounts, exchange rates, and transaction dates.
Your payment details, such as direct debits, standing orders, and the updated account balance after each transaction.
YourFew readersAre there regulations/ legislation that protect users?
Yes, the CBUAE Open Finance Regulations establishes a comprehensive framework for licensing, supervision, and operation of AlTareq in the UAE. It outlines the requirements and license conditions for AlTareq Third-Party Providers, ensuring that only regulated organisations can engage in data sharing and service initiation. For more detailed information, please refer to the Open Finance Regulation.Few readersWhat happens if suspicious activity is detected on my bank account?
If suspicious activity is detected, your bank may trigger security protocols, such as requiring additional authentication, temporarily blocking transactions, or notifying you for manual verification. If fraudulent activity is confirmed, your financial institution will take protective action.Few readersHow long is my consent active?
Consent automatically expires after one year. You will need to extend consent if you want the AlTareq-based services to continue. You can also temporarily suspend or completely revoke consent at any time through your Licensed Financial Institution or the AlTareq Consent Manager App, giving you control over your data-sharing preferences and service initiation permissions.Few readersWhat is multi-factor authentication?
Multi-factor authentication adds an extra layer of security to verify your identity when giving consent to share data or initiate a service using AlTareq. It requires you to provide at least two of the following forms of identification:
a) Something you know (like a password),
b) Something you have (like an authentication app), or
c) Something you are (like facial recognition)Few readersWhat happens if a security breach occurs?
If a security breach occurs, the bank, insurer, or Third-Party Provider must notify you immediately and address the issue. AlTareq uses centrally operated security measures to prevent this from happening. AlTareq has a comprehensive liability model that compensates users in the event of any performance issue or security breach, in addition to the protection provided by UAE law.Few readersWhat measures are in place to ensure the security of AlTareq?
AlTareq uses multiple layers of protection to ensure security:
• Strict regulatory oversight: All providers are regulated and closely monitored by the Central Bank of the UAE (CBUAE) to ensure they meet the highest standards of security and reliability.
• Your control, always: You decide who gets access to your data and for how long. You can pause or revoke your consent at any time.
• Strong identity protection: Multi-factor authentication offers security every time you gFew readersWhat happens if a payment or Foreign Exchange transaction doesn’t work?
If you have attempted to initiate a payment or other transaction via a Third-Party provider and it is not able to be completed due to an issue on the side of your chosen Third-Party or on the side of your licensed financial institution (your bank, insurer, exchange house etc) you will receive an error message that explains the problem. You can then decide to re try the transaction, after having addressed the issue, if you feel comfortable to do so. Error messages could include:
InsufficiFew readersWho controls my personal data?
You have control over your personal data. You decide who sees your data, what they see, and when they can see it. You can stop providing access at any time, and when you do, Third-Party Providers like us are obliged to delete your data, which is not required to be retained by law or regulation.Few readers
User Support
What is Sanadak?
Sanadak is an impartial entity dedicated to investing and resolving complaints from users in the financial services sector, ensuring a fair and unbiased dispute resolution process. It is the first financial, insurance, and ombudsman unit in the Middle East and North Africa (MENA) region, setting a new standard for consumer protection in the region.Few readersWho is responsible for financial losses if an unauthorised transaction occurs through AlTareq?
Liability for unauthorised transactions depends on the cause and responsible party, which may be the Licensed Financial Institution, the Third-Party Provider, or the end user. The AlTareq model is to hold the party responsible for what they do in the ecosystem. For official, detailed information please refer to the Limitation of Liability Model - Open Finance UAE - ConfluenceFew readersIf you are encountering issues with AlTareq related activity, you should raise the concern with the Licensed Financial Institution or Spare.
If you are encountering issues with AlTareq related activity, you should raise the concern with the Licensed Financial Institution or Spare. If there is a resulting issue the LFI and TPP, this will be reviewed by Nebras and the CBUAE. If your issue is still not resolved by these processes, or you are not satisfied with the outcome, you can expect, in accordance with the regulation, to escalate the matter to Sanadak for further assistance.Few readers
Payments & Transactions
How can I track payments made through AlTareq?
You can track attempted AlTareq payments directly on your selected* *Licensed Financial Institution website and mobile banking app. You can check if a payment has been completed, failed, or is still pending through your transaction history via our app.Few readersCan I schedule payments in advance using AlTareq?
Yes, AlTareq allows users to schedule payments in advance. This feature supports recurring payments, enabling users to automate committed payments and manage their financial commitments.Few readersWhat happens if my payment through AlTareq fails?
If an AlTareq payment fails, the Licensed Financial Institution* will immediately notify you of the transaction failure. Possible reasons include insufficient funds, authentication errors, or a processing error at the receiving institution. Your selected Licensed Financial Institution* *or Spare *will guide you on corrective actions.Few readersHow can I set my transaction limits?
For long lived consents that can enable multiple payments to be made via AlTareq, you can define the maximum allowable payment values per transaction, cumulative transaction limits per day/month, and other limits on recurring payments. These controls ensure better financial management and fraud prevention.Few readersWhat types of payments can I make using AlTareq?
AlTareq enables the initiation of a variety of payments with your explicit consent, including single instant payments, recurring transactions, bulk payments, future-dated transfers, and international payments. Your selected Licensed Financial Institution still makes the payment that can be initiated through the Spare platform.Few readersCan I request a refund for a payment made through AlTareq?
Yes, you can request a refund for a payment made through AlTareq, but it depends on the merchant’s refund policy. AlTareq enables merchants (or their Third-Party Providers) to process refunds when both the user and the merchant have mutually agreed to it. Refunds can be processed via AlTareq payment initiation or another means of payment mutually agreed between the merchant and the customer.Few readersCan AlTareq be used to make international payments?
Yes, AlTareq supports international payments. With your explicit consent, Third-Party Providers can initiate cross-border payments from your account to a desired beneficiary abroad.Few readers
Open Finance Overview
What is Open Finance called in the UAE?
AlTareq is the name for Open Finance in the UAE. You will see this name and logo when using Open Finance services provided by banks, insurers, exchange houses or brokers, and other fintechs known as Third-Party Providers. Examples include:
An insurance comparison website
An e-wallet and payment app
A financial aggregation and insights app
A foreign exchange comparison and money sending serviceFew readersWhy was AlTareq introduced?
The Central Bank of the UAE (CBUAE) launched AlTareq to help to digitise the financial sector and give you more choice and convenience. AlTareq, the name for Open Finance in the UAE, securely connects all Licensed Financial Institutions and Open Finance companies, such as Spare, via a central platform. AlTareq has the capacity to enable four key functionalities including data sharing, quote generation, service and transaction initiation and onboarding to Licensed Financial Institutions. Not allFew readersDoes the provider of the financial services change?
No, the provider of your financial services does not change when you use AlTareq based services. Your insurance is still from your insurer, payments are still made by your bank, currency conversion is still completed by your exchange house, but you can access these services and their data via third-party applications.Few readersWhat are the benefits of AlTareq?
AlTareq gives you control over your financial data and services, allowing you to choose the way you access financial services, via different channels and new partners.
With explicit consent, AlTareq enables you to share your financial data, obtain quotes and initiate transactions with other regulated businesses, allowing customers to access the same services via a third-party. This provides more personalised, innovative and convenient financial services.
AlTareq can simplify financial servFew readersHow does AlTareq work?
With your explicit consent, AlTareq allows regulated Third-Party Providers, such Spare,* *to securely connect to Licensed Financial Institutions. The connection is made through an Application Programming Interface (API); this is the same type of connection your mobile phone uses to connect your photos to your social media apps. However, AlTareq utilises the highest-grade of security for the connection. This enables us to offer enhanced financial products and services tailored to your needs.Few readersWhat is Open Finance?
Open Finance gives you control over your financial data and services. With your permission, it allows you to securely share your bank, insurance, mortgage, and other financial information and initiate services via regulated providers to access more personalised, innovative, and convenient financial services.Few readersWho is involved in AlTareq in the UAE?
The Central Bank of the UAE (CBUAE) is the regulator that ensures the safety, transparency, and fairness of the AlTareq ecosystem.
AlTareq’s central infrastructure is operated by Nebras Open Finance LLC in the UAE, a licensed entity created by the CBUAE. However, your direct relationship remains with AlTareq based Third-Party Providers and your Licensed Financial Institution.
Licensed Financial Institutions (LFIs): Banks, insurers, exchange houses, and others are licensed and required by tFew readers
Getting started with Altareq
Am I automatically enrolled in AlTareq?
No, AlTareq is entirely voluntary. You will need to actively give consent before any data is shared, or services are initiated with a third-party app. However, everyone is able to utilize AlTareq based services, without any preliminary steps with your financial institution. You can manage or cancel your consent at any time through:
• Licensed Financial Institution* *website and/or mobile banking app
• AlTareq Consent Manager AppFew readersWhat is the AlTareq Consent Manager App?
The AlTareq Consent Manager App allows you to give permission and manage your financial data you share through AlTareq. It's a trusted, centralised app that lets you manage all your consents in one place, and for certain financial institutions you can use it to approve payments, share data, in the event the financial institution does not have its digital channel.Few readersHow does AlTareq benefit me?
AlTareq enhances how you access and leverage financial services through:
Secure data sharing: You can track your spending, get insights, and use financial tools tailored to you.
Streamlined service initiation: You can make any type of payment, open new accounts, execute contracts, and complete transactions - all in a faster, more streamlined way.
Product and service quote generation: You can quickly and easily compare insurance, banking, and foreign exchange offers and selectFew readersWhat role do Licensed Financial Institutions, play in AlTareq?
Licensed Financial Institutions are the foundation for AlTareq, providing secure access to users' financial data and ensuring compliance with regulatory standards. We are responsible for safeguarding user information, enabling data-sharing features, and managing risks of our service.Few readersWhere can I find out more information on AlTareq?
You can find additional details on the AlTareq website and its operator Nebras’s website.Few readersWho benefits from using Open Finance/AlTareq?
AlTareq empowers you and businesses by providing access to an enhanced range of financial products and services. You can access and connect your financial services like never before.Few readersHow do I get started with AlTareq?
You can access AlTareq based services through partnered entities offering Altareq, which is is based on giving your consent for data sharing or service initiation, quotes or onboarding.Few readers
Understanding Consent & Data Protection
How does AlTareq ensure that my financial data is accurate when shared?
AlTareq enforces high standards of data accuracy through regulatory compliance, testing and continuous monitoring. Licensed Financial Institutions must ensure that all shared data is complete, up-to-date, and consistently formatted to prevent discrepancies. Licensed Financial Institutions are also required to have governance policies to maintain data integrity.Few readersHow do I revoke or suspend consent for data sharing or service initiation?
You can revoke or temporarily suspend consent in three ways:
Manage consent via Licensed Financial Institution app or portal: You can revoke or temporarily suspend consent any time directly through their consent management interface.
Manage consent via Spare's platform: You can revoke or temporarily suspend consent at any time directly through our consent management interface.
Manage consent via the AlTareq Consent Manager App: You are authenticated on the AFew readersCan I limit the financial data I share with Third-Party Providers?
Yes, AlTareq allows you to selectively share data, instead of providing access to all your accounts. For example, you can consent to sharing only your transaction history for your current account, but not for your savings account. Licensed Financial Institutions and Third-Party Providers must follow strict data governance policies to ensure that only authorised data is accessed. Some Third-Parties rely on particular data/service initiation for their proposition, therefore, their service will notFew readersDo I have to give consent every time?
No, you can provide Third-Party Providers with long-lasting consents for the initiation of services or payments so that they can apply on future occurrences of a specific action or transaction, eliminating the need for repeated consent each time. Long-lasting consents can include data sharing permissions and payments as well as other services that a Third-Party can initiate. You can revoke, pause, or modify your consent at any time.Few readersWhat is Consent in AlTareq?
Consent in AlTareq means that you explicitly authorise Third-Party Providers, such as Spare, to access specific financial data or initiate services on your behalf. Consent is always required before any data sharing or service initiation occurs, ensuring you retain full control over your financial information. You can revoke, pause, or modify your consent at any time through the consent management online or in apps provided by Licensed Financial Institutions, Third-Party Providers or the AlTareqFew readersWho kicks off the process of seeking Consent in AlTareq?
Spare will always be the first stepping in creating consent, from a Licensed Financial Institution. Spare will state to the user that they need consent and a connection to your Licensed Financial Institution in order to help to provide you with their services. This may be a one-off Consent, such as a single payment, or an ongoing consent for data sharing or multiple payments made over time.Few readersCan I temporarily pause my data-sharing consent instead of revoking it?
Yes, AlTareq allows you to pause your data-sharing consent rather than completely revoking it. This feature also allows you to temporarily stop sharing data without losing your existing consent setting. When consent is paused, Third-Party Providers will not have access to new data or to initiate services until you reactivate your consent.Few readersCan Third-Party Providers access my financial data without my consent?
No, Third-Party Providers cannot access your financial data without your explicit consent. AlTareq is designed with strict management controls, ensuring that users authorise every data-sharing and service initiation Consent request.Few readersCan you track which Third-Party Provider has accessed my data?
Yes, you can view a history of which Third-Party Providers have accessed your financial data, when the access occurred, what type of data was shared or what type of services was initiated, and when consent expires on your selected Third-Party Provider’s app or your Licensed Financial Institution’s app in their consent management interface. This ensures full transparency and control over your financial information.Few readers
