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Version

1.10

Publication Date

09 Sep

Classification

Public

Note

This Schedule of Fees is provisional and subject to change.

...

1. Introduction

This page provides a comprehensive guide to the commercial model for Open Finance in the UAE, detailing the Supplemental Licensing Fee as well as the Variable Fees applicable to all participants. It serves as a reference for pricing structures, ensuring transparency and consistency across various payment initiation and data-sharing use cases.

Fees type

Definition

“Fixed Fees” - Supplemental Licensing Fees (for LFIs)

Mandated Licensed Financial Institutions (LFIs) within Open Finance scope are asked to pay Supplemental Licensing Fees. These fees are generally designed to diminish over time, superseded by the emergence of revenue generated by API call charges. The fee structure is tiered based on the size and type of institution.

These fees are payable to CBUAE.

API Hub fees

The API Hub charges TPPs based on their API consumption of calls to the API Hub, they vary in price depending their context, ranging from 2.5 to 12.5 fils.

These fees are payable to Nebras Open Finance LLC and will be invoiced by the same.

LFIs to TPPs fees

LFIs charge TPPs for accessing payment and data services.
These fees are payable from TPPs to Nebras Open Finance LLC, alongside their API Hub Fees, and will be subsequently transferred to the relevant LFIs. Nebras will distribute documentary evidence of these fees to both TPPs and LFIs.

TPPs to End Users

TPPs can charge end users (consumers and businesses) for utilizing payment and data services, in certain circumstances.

These fees are payable to the relevant TPP from their customers.

License Fees for TPPs

License fees for TPPs, excluding deemed license holders, will be collected annually based on the number of open finance customers they have connected on an ongoing basis, or on a one-off basis within one calendar year, with a tiered approach that includes:

a) A tier for TPPs with fewer than 50,000 customers - charged at 0 AED per year.

b) A tier for TPPs with 50,000 customers or more and fewer than 100,000 customers - charged at 20,000 AED per year.

c) A tier for TPPs with 100,000 customers or more- charged at 100,000 AED per year.

These fees are payable to CBUAE.

2. “Fixed Fees” - Supplemental Licensing Fees (for LFIs)

...

2.1 Introduction

The Central Bank of the UAE (CBUAE) has introduced a Supplemental Licensing Fee for all Licensed Financial Institutions (LFIs) participating in the Open Finance initiative. The fee structure is tiered based on the size and type of institution, with the exact amounts to be communicated individually to each participating entity.

The Supplemental Licensing Fee is generally expected to decrease progressively over the first five yearsits life. In Year 1, for banks and insurers for example - the fee will be set between 140% to 150% of the mean fee, decreasing to a range of 50% to 70% below the mean by Year 5. These changes will exist correspond to mirror the success adoption of the Open Finance eco-system. The payment schedule is as follows: Year 1 fees are due on January 1st, 2025, and Year 2 fees are due on April 5th, 2025.

The year to year progress is summarized in the graph below:

...

...

2.2 Tiered Structure

The Supplemental Licensing Fee is designed with a tiered structure, reflecting the varying capacities and responsibilities of different financial institutions.

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

...

2.3 Payment Details for “Fixed Fees” - Supplemental Licensing Fees

Payments should be made to the Central Bank CBUAE using the following banking bank account details:

Bank Name

Central Bank of the UAE

Beneficiary Name

SUNDRY CREDITS CB PAYMENTS

IBAN

AE698990000000000000899

Entity ID

E899

BIC Code

E899XXXX

Routing Code

389910101

Transaction Narrative

“Open Finance Fees Collection”

It is crucial that all payments are made by the specified deadlines to ensure continued access to the Open Finance platform and to avoid any penalties or disruption in services.

...

3. API Hub

...

2.1 API Hub Usage Fees

These fees are to be paid by TPPs to Nebras.

...

Fee Category

...

Schedule of Fees

...

Per API Call Fees

...

Set a uniform API call fee of 2.5 fils across all usage

2.2 Other Fees by Use Case

...

Fees, LFI to TPP Fees and TPP to End User Fees

3.1 Service Initiation Functionalities

3.1.1 Payment Initiation (Retail & SME)

Target Segment

Retail & SME

Relevant Open Finance Functionalities

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

API Hub fees

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:

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

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:

API Hub fees

API Hub fees will be set at 2.5 fils per API call for all payment initiation use cases

LFIs to TPPs fees

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.

  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

3.2.1 Main Data Sharing Functionalities

Target Segment

Retail and SME

Relevant Open Finance Functionalities

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

API Hub fees

API Hub fees will be set at 2.5 fils per API call

LFIs to TPPs fees

LFIs to TPP 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 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.

3.2.2 Other Data Sharing Functionalities

Target Segment

Retail & SME

Relevant Open Finance Functionalities

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

API Hub fees

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.

TPPs to End Users

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

3.2.3 Life and Non-Life Insurance Data Sharing and Quotation Functionalities

Target Segment

Retail

Relevant Open Finance Functionalities

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

API Hub fees

API Hub fees will be set at 12.5 fils per call for quotes.
This charge is independent from the number of quotes included in the API call.

LFIs to TPPs fees

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

TPPs to End Users

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

Charges will be market determined.

3.2.4 Corporate Treasury Data Functionalities

Target Segment

Corporate

Relevant Open Finance Functionalities

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

  • Corporate Treasury Data:

    • Accounts Details

    • Balance and Transaction Details

    • Scheduled Payment Details

    • Direct Debits Details

    • Beneficiaries Details

API Hub fees

API Hub fees will be set at 2.5 fils per API call

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.

3.3 Timeline

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 2025

Year 2

January 2026

Year 3

January 2027

Year 4

January 2028

Year 5

January 2029

Note: Start dates are provisional and subject to change

4. Chargeable API Calls

API Specification

API End Point

API Operation

Chargeable

/open-finance/onboarding/v1.0

/tpp-registration

post

Yes

/open-finance/auth/v1.0

/par

post

Yes

/open-finance/account-information/v1.0

/account-access-consents

get

No

/open-finance/account-information/v1.0

/account-access-consents/{ConsentId}

get

Yes

/open-finance/account-information/v1.0

/account-access-consents/{ConsentId}

patch

Yes

/open-finance/account-information/v1.0

/accounts

get

Yes

/open-finance/account-information/v1.0

/accounts/{AccountId}

get

Yes

/open-finance/account-information/v1.0

/accounts/{AccountId}/balances

get

Yes

/open-finance/account-information/v1.0

/accounts/{AccountId}/beneficiaries

get

Yes

/open-finance/account-information/v1.0

/accounts/{AccountId}/direct-debits

get

Yes

/open-finance/account-information/v1.0

/accounts/{AccountId}/product

get

Yes

/open-finance/account-information/v1.0

/accounts/{AccountId}/scheduled-payments

get

Yes

/open-finance/account-information/v1.0

/accounts/{AccountId}/standing-orders

get

Yes

/open-finance/account-information/v1.0

/accounts/{AccountId}/transactions

get

Yes

/open-finance/account-information/v1.0

/accounts/{AccountId}/consents

get

Yes

/open-finance/account-information/v1.0

/accounts/{AccountId}/parties

get

Yes

/open-finance/account-information/v1.0

/parties

get

Yes

/open-finance/payment/v1.0

/payment-consents

get

No

/open-finance/payment/v1.0

/payment-consents/{ConsentId}

get

Yes

/open-finance/payment/v1.0

/payment-consents/{ConsentId}

patch

Yes

/open-finance/payment/v1.0

/payment-consents/{ConsentId}/refund

get

Yes

/open-finance/payment/v1.0

/payment-consents/{ConsentId}/file

post

Yes

/open-finance/payment/v1.0

/payments

post

Yes

/open-finance/payment/v1.0

/payments

get

No

/open-finance/payment/v1.0

/payments/{PaymentId}

get

Yes

/open-finance/payment/v1.0

/file-payments

post

Yes

/open-finance/payment/v1.0

/file-payments

get

No

/open-finance/payment/v1.0

/file-payments/{PaymentId}

get

Yes

/open-finance/payment/v1.0

/file-payments/{PaymentId}/report

get

Yes

/open-finance/confirmation-of-payee/v1.0

/discovery

post

No

/open-finance/confirmation-of-payee/v1.0

/confirmation

post

Yes*

/open-finance/insurance/v1.0

/insurance-consents

get

No

/open-finance/insurance/v1.0

/insurance-consents/{ConsentId}

get

Yes

/open-finance/insurance/v1.0

/insurance-consents/{ConsentId}

patch

Yes

/open-finance/insurance/v1.0

/insurance-policies

get

Yes

/open-finance/insurance/v1.0

/insurance-policies/{InsurancePolicyId}

get

Yes

/open-finance/insurance/v1.0

/insurance-policies/{InsurancePolicyId}/customer-payment-details

get

Yes

/open-finance/reporting/v1.0

/tpp-reports

get

Yes

* one to one limitation between discovery and confirmation