KHCB adopts Token.io to enable its open banking services
Khaleeji Commercial Bank (KHCB), one of the leading Islamic banks in Bahrain, recently announced that it has partnered with Token.io as part of the bank's preparations to provide open banking services to its clients in compliance with the new regulatory requirements. Token is represented by Tarabut Gateway, a subsidiary of Almoayed Technologies licensed by the Central Bank of Bahrain (CBB).
This step comes in line with KHCB’s strategy to embrace and partner with fintech companies in compliance with the instructions of the Central Bank of Bahrain (CBB) to enable new and enhanced services to be provided to its customers in Bahrain and the wider region.
By applying the system, the bank is setting the required foundation to develop its open banking services with high speed and efficiency. In an era of open banking, this platform will provide a developer friendly environment enabling KHCB to work with the widest range of international fintechs, delivering to its clients additional services through its banking platform, including account aggregation, personal financial management tools, and many others.
Mr. Mahdi Abdulnabi Mohammed, Deputy General Manager – Support Services in KHCB, commented: "Token.io is considered as one of the most advanced open banking systems available today and will ensure that we are immediately ready and able to integrate with licensed fintech companies to offer consolidated account information services under the open banking regulation. This allows us to provide the basic requirements to promptly launch these services and in a manner that acts in accordance with the rules and regulations of the CBB.”
Mr. Mahdi added: "Token’s system will assist us in providing the required safe infrastructure for the launch of open banking services, which will pave the way for many more services in the future, making the bank a preferred option for clients to seamlessly conduct their banking transactions."
Todd Clyde, COO, Token.io, stated: "In our partnership with KHCB, we are applying Token’s international open banking technology and experience to enhance the bank's services to the benefit of its clients in Bahrain and the wider region. The open banking market in Bahrain is moving quickly and our partnership is helping KHCB establish an early mover position."
Token is a technology company with headquarters in San Francisco and offices in London and Berlin. Token’s open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.
Token.io Limited is authorised as an AISP and as a PISP by the FCA in the UK and has passporting rights in an additional 20 countries.