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1. Description

The Products API enables Third-Party Providers (TPPs) to retrieve publicly available banking product information from all LFIs when there is a User request for a product comparison for a new product or to replace an existing account product. This API will empower TPPs to integrate this data into their Personal Financial Management (PFM) tools, offering customers insights into available financial products and providing personalized recommendations.

The Leads API will provide the TPP the capability to refer a User to a specific LFI when the User wishes further information about a specific product or the User wishes the LFI to contact them to discuss the product.

In the Banking sector the Products API will provide a structured and standardized format to access information on the LFI’s Retail products, covering Personal current accounts, Personal savings accounts, Personal (unsecured) loans, credit cards, and residential (home) mortgages. This initiative aligns with open banking principles and promotes transparency, competition, and customer-centric innovation in financial services.

The banking product data that will be made available from all LFIs is data that:

  • does not relate to a particular consumer(s) or a consumer’s banking account,

  • identifies or describes the characteristics of a product such as name, type and availability

  • is about the eligibility criteria, features, benefits, and fees

  • is publicly available via one or more of the LFI’s channels

1.1 Scope

The scope of the Products and Leads services are as follows:

1.1.1 Customer Segments & Banking Products

The scope of the Products and Leads services in relation to the Banking products and customer segments is:

Customer Segments

Consumer

SME

Corporate

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(error)

(error)

Banking Products

Banking Products

In Scope (Y/N)

Personal Current Accounts

(tick)

Savings Accounts

(tick)

Personal Credit Cards

(tick)

Personal Unsecured Loans

(tick)

Personal Home Mortgages

(tick)

1.1.2 Publicly Available Products

A product does not need to be available to all consumers to be publicly offered. For example, a product offered to consumers who meet certain eligibility requirements, such as UAE Defence Staff, would be deemed publicly offered.

However, a product that is an ‘invitation-only’ or a ‘Private’ product that is offered to select individuals based on criteria that is not publicly available or is commercially sensitive would not be considered publicly offered and therefore would not be included in the Product details provided by the LFI.

1.1.3 Back book (Closed) Products

Banking products that are no longer available to consumers are out of scope of this product data sharing requirement.

Information about a User’s existing account product can be obtained via the Get Product for an Account API endpoint, providing the User has granted the TPP permission to access this data.

1.1.4 Functionality

The scope of the Products and Leads service from the functionality perspective is:

Product Reference Data Functionality

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Functionality

Description

In Scope (Y/N)

Retrieve Product data from all LFIs

  • The capability of TPPs to send Products requests to retrieve the in scope Banking products currently publicly available from all LFIs.

  • The capability to retrieve the Product data without the LFI acquiring Users' explicit consent.

  • The capability of LFIs to receive Product requests and respond back to the TPP with the publicly available product data.

(tick)

Filter the Product data returned

  • The capability of TPPs to request a reduced sub-set of Product data based on a pre-defined set of request query parameters.

  • The capability of LFIs to receive Product requests with query parameters and respond back to the TPP with a sub-set of publicly available product data based on the query parameters.

(tick)

Redirect Users to LFI

  • The capability to redirect the User from the TPP to the LFI via a provided application URI link when a User wishes to proceed with a product application.

(tick)

Provide User Leads details to LFI for referral and contact

  • The capability for the TPP to provide the User’s name, contact details and interested product details to a LFI when the User requires more product information or wants the LFI to contact them.

  • The capability of LFIs to receive Leads requests from TPPs.

(tick)

Update notifications

  • The capability to issue refresh notifications to TPPs when the Product Reference Data has been updated by a LFI and a refresh is required when the data is being held in a local cache by the TPP.

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Retrieve individual tailored quotes

  • The capability of the TPP to retrieve individual tailored lending (credit card, personal loans and home mortgages) quotations for an individual User from LFIs.

(error)

Submit product application

  • The capability of the TPP to provide the required User data to the LFI to pre-populate a product application request.

(error)

1.2 Products Data Sharing - Generic User Stories

1.2.1 Product Reference Data for a Personal Financial Management (PFM) app

As a User (Consumer),

I want to view all openly available banking products from all LFIs via my TPP Personal financial management (PFM) app,

so that I can discover the products that fit my needs without navigating and searching multiple LFI platforms.

As a TPP,

I want to be able to access all banking products from all LFIs within the CBUAE Open Finance ecosystem,

so that I can provide Users of our PFM app a comprehensive product comparison and recommend more relevant or improved financial products to meet their financial needs

1.2.2 Product Reference Data for a New Product Services

As a User (Consumer),

I want to provide to a TPP details of my financial and banking wants and needs, product needs, and/or product improvements,

so that I can effortlessly view and compare the available banking products from all LFIs, and decide on which product is the best fit and benefit to me.

As a TPP,

I want to be able to access all banking products from all LFIs within the CBUAE Open Finance ecosystem,

so that I can provide customers with a comprehensive product comparison and help them make informed decisions based on the available products across the whole market.

1.3 Leads - Generic User Stories

As a User (Consumer),

I want to authorize my TPP to securely share my contact details with a specific LFI of my choice,

so that the LFI can contact me to discuss the suitability of their banking products, ensuring I make an informed decision before submitting a formal application.

2. Rules & Guidelines

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Step

Rules & Guidelines

PRD-1

Product data access

PRD-2

Collect minimum customer data

PRD-3

Retrieve Product data

PRD-4

Display Product Information

PRD-5

Product Application

PRD-6

User Leads

TPP MUST:

6.1 Provide the User the option to request a specific LFI contact them to discuss the suitability of their banking products

6.2 Provide the User’s name (Given Name and Last Name), contact details (email and/or telephone number) and confirmation whether the User wishes the LFIs to contact them with product marketing information to each LFI via the Open Finance Platform (OFP)

6.3 NOT encrypt the User data populated in the Leads request

OFP MUST:

6.4 Pass through the User Leads information received from a TPP to all LFIs

6.5 NOT store or retain any of the User marketing data provided by the TPP

LFI MUST:

6.6 Be able to receive the Market Leads data from all TPPs

6.7 Refrain from contacting the User if the User has opted out of receiving marketing communications

PRD-7

PRD-8

PRD-9

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