| Expand | ||||
|---|---|---|---|---|
| ||||
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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 |
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API Hub fees will be set at 2.5 fils per API call for all payment initiation use cases
LFIs to TPPs charges
LFIs to TPPs charges are summarized below:
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Payment Type
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LFIs to TPPs
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Merchant Collection
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. If a payment transaction occurs within 2 hours of a Balance Check call or a Confirmation of Payee call, both the Balance Check and Confirmation of Payee calls will be charged separately at 0.5 fils each (instead of 2.5 fils), in addition to the 2.5 fils fee applied for the payment initiation call
LFIs to TPPs charges
LFIs to TPPs charges are summarized below:
Payment Type | LFIs to TPPs |
|---|---|
Merchant Collection |
|
Peer-to-Peer |
|
Me-to-Me |
|
Bulk SME Payment |
|
Large Value Collection |
|
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Fees will only be applied to successful transactions.
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
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Payments
Target Segment
Corporate
Note:
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Call Type | Definition | LFIs to TPPs Charges |
|---|---|---|
Attended Call | Attended API calls represent the manual initiation of transaction data requests, requiring active user involvement and consent for each request. |
|
Unattended Call | Unattended API calls represented automated initiation of transaction data requests which can be used for scenarios such as data refresh. |
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Note:
Each page consists of a maximum of 100 linesAn API call is charged for every 100 lines of transaction data, with a maximum age span of 13 months per call. If an API call returns more than 100 lines of transaction data, it will be treated considered as multiple pages, with each additional page charged at 2.5 fils, unless within the free usage thresholdcalls and charged accordingly, including within LFI to TPP allowances and fees. Within the pagination structure of a transactional data API call, there can be 100 lines of data present per page.
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.
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TPPs to End Users charges are summarized below:
Call Type | Definition | LFIs TPPs to TPPs End Users Charges |
|---|---|---|
Attended Call | Attended API calls represent the manual initiation of transaction data requests, requiring active user involvement and consent for each request. |
|
Unattended Call | Unattended API calls represented automated initiation of transaction data requests which can be used for scenarios such as data refresh. |
|
Note:
...
|
Note:
An API call is charged for every 100 lines of transaction data, with a maximum age span of 13 months per call. If an API call returns more than 100 lines of transaction data, it will be considered as multiple calls and charged accordingly, including within LFI to TPP allowances and fees. Within the pagination structure of a transactional data API call, there can be 100 lines of data present per page.
3.2.2 Other Data Sharing Functionalities
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Below is a list of all the relevant Open Finance functionalities:
Banking Customer and Product Details
Confirmation of Payee
Payment Status
Customer Record
Product Record
Direct Debit
Standing Orders
Overdrafts
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API Hub fees will be set at 2.5 fils per API call.
LFIs to TPPs fees
The customer details and confirmation of payee use case will not incur charges from LFIs to TPPs.
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API Hub fees
API Hub fees will be set at at 2.5 fils for data sharing and 12.5 fils per call for quotes.
This charge is independent from the number of quotes included in the API call.
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TPPs are only permitted to charge broker commissions and must be licensed brokers to provide quotes.
Charges will be market determinedThe request of insurance data and quotes will not be chargeable by TPPs for both Life and Non-Life insurance types.
3.2.4 Corporate
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Data
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Target Segment
Corporate
Relevant Open Finance Functionalities
Below is a list of all the relevant Open Finance functionalities:
Accounts Details
Balance and Transaction Details
Scheduled Payment Details
Direct Debits Details
Beneficiaries Details
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LFIs to TPPs fees
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.
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.
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The below timeline defines the start date for each of the five years, which exclusively affects LFI to TPP Fees, as outlined in the table below:
Year | Start Date |
|---|---|
Year 1 | January TBC – Estimated May 2025 |
Year 2 | January TBC – Estimated May 2026 |
Year 3 | January TBC – Estimated May 2027 |
Year 4 | January TBC – Estimated May 2028 |
Year 5 | January TBC – Estimated May 2029 |
Note: Start dates are provisional and subject to change
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