Versions Compared

Version Old Version 10 New Version Current
Changes made by

Chris Michael

Rajeev Walia

Saved on

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.
Expand
titleMENU
Table of Contents
stylenone

...

Below is a detailed breakdown of the average expected fees over five years for each tier of Bank and Insurer:

Institution Type

5-year Average (AED)

Tier 1 Bank

1,064,000

Tier 1 Insurer

60,000

Tier 2 Bank

252,000

Tier 2 Insurer

30,000

...

Payment Type

LFIs to TPPs

Merchant Collection

  • Pricing is capped at 38 bps of transaction value in Year 1, to be linearly decreasing over the next 5 years to 25 bps as follows:

    • Year 1: 38 bps

    • Year 2: 35 bps

    • Year 3: 32 bps

    • Year 4: 29 bps

    • Year 5: 25 bps

  • Charges are capped at 50 AED per transaction for high-value transactions above AED 20,000

  • Free under volumes below 200 AED per merchant per day

Peer-to-Peer
(incl. SME-to-SME)

  • Capped at 25 fils per transaction

Me-to-Me

  • 20 fils per transaction in Year 1, decreasing to 18 fils in Year 2 and 17 fils in Year 3

Bulk SME Payment

  • Capped at 250 fils.

Large Value Collection

  • Large value transactions will be capped at 4 AED per transactions for certain types of payments

  • Large value collections include:

    • Rent payments to non-commercial landlords

    • Consumer-to-SME collections through invoices with a value exceeding AED 5,000

    Note: Additional contexts for large value collections will be defined and incorporated into the scope in the near future.

Note:

  1. LFIs are prohibited from imposing additional charges on end users for transactions initiated by Open Finance APIs related to data sharing. However, charges for non-Open Finance API-initiated payments may be applied according to the product tariff agreed with the customer.

  2. Fees will only be applied to successful transactions. 

  3. Each payment within a bulk payment is considered an individual transaction by commercial model for billing purposes, and charged accordingly, ensuring that charges are accurately and fairly applied.

TPP to End Users

TPPs to End Users charges are summarized below:

Payment Type

TPPs to End User

Merchant Collection

  • CBUAE suggests TPPs to keep prices at 63 bps of transaction value or below in Year 1, linearly decreasing to 50 bps in Year 5 as follows:

    • Year 1: 63 bps

    • Year 2: 60 bps

    • Year 3: 57 bps

    • Year 4: 54 bps

    • Year 5: 50 bps

Peer-to-Peer
(incl. SME-to-SME)

  • CBUAE suggests TPPs to keep prices at 50 fils per transactions or below

Me-to-Me

  • CBUAE suggests TPPs to keep prices at 50 fils per transactions or below

Large Value Collection

  • CBUAE suggests TPPs to keep prices at 10 AED or lower for large value collection (e.g., rent payments

  • Large value collections include:

    • Rent payments to non-commercial landlords

    • Consumer-to-SME collections through invoices with a value exceeding AED 5,000

    Note: Additional contexts for large value collections will be defined and incorporated into the scope in the near future.

...

Note:

  1. Fees will only be applied to successful transactions.

  2. Each payment within a bulk payment is considered an individual transaction by commercial model for billing purposes, and charged accordingly, ensuring that charges are accurately and fairly applied.

3.1.2 Corporate Treasury

Target Segment

Corporate

Relevant Open Finance Functionalities

Below is a list of all the relevant Open Finance functionalities:

Note:

  • Corporate Customers are defined as individuals or entities with an annual revenue over AED 100 Mn.

Relevant Open Finance Functionalities

Below is a list of all the relevant Open Finance functionalities:

...

LFIs’ charges to TPPs are capped at 250 fils by the CBUAE

Note:

  1. LFIs are prohibited from imposing additional charges on end users for transactions initiated by Open Finance APIs related to data sharing. However, charges for non-Open Finance API-initiated payments may be applied according to the product tariff agreed with the customer

...

TPPs to End Users

...

  1. .

  2. Fees will only be applied to successful transactions.

  3. Each payment within a bulk payment is considered an individual transaction by commercial model for billing purposes, and charged accordingly, ensuring that charges are accurately and fairly applied.

TPPs to End Users

TPPs' charges to End Users are capped at 450 fils by the CBUAE.

Note:

  1. Fees will only be applied to successful transactions.

  2. Each payment within a bulk payment is considered an individual transaction by commercial model for billing purposes, and charged accordingly, ensuring that charges are accurately and fairly applied.

3.2 Data Sharing Functionalities

...

Call Type

Definition

LFIs to TPPs Charges

Attended Call

Attended API calls represent the manual initiation of data requests, requiring active user involvement and consent for each request.

  • Free for up to 15 pages per customer per day

  • Pricing is market determined for any call exceeding that threshold

Unattended Call

Unattended API calls represented automated initiation of data requests which can be used for scenarios such as data refresh.

  • Free for up to 5 pages per customer per day

  • Pricing is market determined for any call exceeding that threshold

Note:

  • Each page consists of a maximum of 100 lines. If an API call returns more than 100 lines, it will be treated as multiple pages, with each additional page charged at 2.5 fils, unless within the free usage threshold

...

  • .

...

  • The fixed rate of 2.5 fils per page will be applied for each individual call, while LFIs are permitted to charge only for update requests.

TPPs to End Users

TPPs to End Users charges are summarized below:

Call Type

Definition

LFIs to TPPs Charges

Attended Call

Attended API calls represent the manual initiation of data requests, requiring active user involvement and consent for each request.

  • Free for up to 15 calls per customer per day

  • Pricing is market determined for any call exceeding that threshold

Unattended Call

Unattended API calls represented automated initiation of data requests which can be used for scenarios such as data refresh.

  • Free for up to 5 calls per customer per day

  • Pricing is market determined for any call exceeding that threshold

Note:

  • API calls are limited to 100 lines of data, with an age span of 13 months per call.

Note: LFIs are prohibited from imposing charges beyond the set threshold. TPPs will pay the determined fee to the LFI, which includes the API Hub charge.

3.2.2 Other Data Sharing Functionalities

...

The customer details and confirmation of payee use case will not incur charges from LFIs to TPPs.Note: LFIs are prohibited from imposing additional charges on end users for chargeable API calls related to data-sharing use cases under Open Financeto TPPs.

TPPs to End Users

The customer details and confirmation of payee use case will not incur charges from TPPs to the End User.

...

The request of insurance data won’t be chargeable by LFIs for both Life and Non-Life insurance types

Note: LFIs are prohibited from imposing additional charges on end users for chargeable API calls related to data-sharing use cases under Open Finance.

TPPs to End Users

TPPs are only permitted to charge broker commissions and must be licensed brokers to provide quotes.

...

Corporate Treasury Data use case will incur a charge of 40 fils for every 100 lines of data, to be charged by the LFI to the TPP.Note: LFIs are prohibited from imposing additional charges on end users for chargeable API calls related to data-sharing use cases under Open Finance.

TPPs to End Users

The Corporate Treasury Data use case will involve charges for the end user, which will be applied by the TPP and determined by market conditions.

...