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Frequently Asked Questions
Engagement Round 1
Engagement Round 2
Engagement Round 3
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Is there a roadmap for the ordering in which different types of FIs will be onboarded to Open Finance?
How do we ensure that TPP data cleansing after data storing retention is over?
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What is the timeline for the rollout of phase 1?
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Will there be a list of Technical Service Providers who will be empaneled by CBUAE?
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What is the status of branches or entities domiciled in the Free Zones? And for TPPs established in the free zones can they apply to operate open finance services?
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Does the bank need separate licenses to start with open finance?
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If my bank's entity is based in the free zone, bank accounts there are not in the scope of data sharing by this regulation.
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Are there any guidelines in terms of using Open Banking APIs for specific business journeys, or can Banks decide their own journey to utilize this API based on business needs?
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Is there any centralized guideline or process for monitoring customer consent management?
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Is there a validity period for the consent given by the customer?
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If data ingestion is a requirement in phase 1 does that mean banks will have to get a NOC to act as TPP?
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"OF Providers must not receive any commission." Could you provide more details on this?
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There's a section on maintaining records on data that was destroyed. What is the time period, what are they expecting from us?
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Elaborate on the idea that LFIs can't share data of a non-customer?
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LFIs cannot use data outside of consent for data sharing. How will they monitor that the data is used for particular purposes?
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As an OF provider, can I use the data for modelling purposes? Is it part of the consent?
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Can data from a transaction be stored but cannot shared?
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When we specify that we need to retain all data related to OF, should it be kept within the UAE or in our data centers located outside the country?
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If a bank is partnering with a Fintech, are there any specific licenses required?
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In my capacity as a Third-Party Provider (TPP), can I cater to multiple Fintechs? for example, Scenarios may involve providing the activity or licensing, acting as an intermediary, or serving as a third party.
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Banks can utilize an explicit moderator, such as ADGM, to manage their relationships?
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As a TPP, does regulation also dictate the use of user information?
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As a lender, using OF data for credit scoring. Would I need an OF license or act as a technical service provider?
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When it comes to payment, is there a separate carveout (e.g. Paypal) for sharing payment data?
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If a consumer lodges a complaint with LFI, does LFI have the capability to comprehend the issue at the TPP level?
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In case of a dispute, is the LFI able to refuse or revoke the consent given by the customer to the TPP?
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If a bank wants to function as a TPP, does that necessitate obtaining two licenses?
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In the event of a data breach, whether confirmed or not, will LFIs be informed while the situation is under investigation, and what will happen to the customer consent?
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When considering the security model, there is a need for more detailed interactions between LFI and OFP. Is there a plan other than a standard between Standard and LFI, excluding TPPs?
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Is there a plan to communicate the changes in the consent updates from the OFP to LFI?
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Whenever a user establishes, modifies, or revokes consent from a TPP, the action is carried out through an API into the central consent store. Will the LFI and TPP will have certainty that the API has been acted on, and consent has been updated?
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Error of omission has occurred. A payment request was received from TPP, but the customer input is incorrect. Who would bear the loss?
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In a payment scenario, when is a merchant liable?
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As a customer who isn't using any OB platform after consent authorisation, is there a process to disable the consent?
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Who is responsible for conducting the arbitration in the event of a dispute, and verify the status of the arbitration?
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Is bulk / batch payment functionality for retail or corporate users?
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What does batch consent look like? Will it contain all debit and credit accounts involved, including amount & dates?
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How will customer consent verification be done for batch files?
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Bulk payments: Screen 2 at TPP should allow a summary of all the payees to be shown for customers to be certain.
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How is the LFI file format made known to the TPP?
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LFI authentication, is there a standard that is expected? MFA was mentioned and biometrics, just to clarify the expectations.
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How will the file will be transferred from TPP to LFI?
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How will LFIs return the file and transaction status to TPP?
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How will TPP know what is the debtor account for Batch files (MDMC)?
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Does this functionality support both multiple debit & single debit?
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Will batch be mandated like Aani for all LFIs? or it's leveraging the one used in Aani
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In the case of bulk payments, can LFI perform a single debit and multiple credits in the same transaction using the multi-account posting features of the core system?
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In the event that only a few records are inaccurate, how would the liability model operate if LFI were to completely reject them.
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Will the TPP process bulk or batch payments and then send a single payment initiation to LFI?
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Can the LFI share the SWIFT copies with TPPs in order to convey them to their users in return?
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How does LFI know if the customer revokes the future-dated bulk consent from TPP, and how can it restrict future-date payment available in the file?
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Can future-dated transactions be part of the file? If yes, what is the maximum supported time frame for future dated transactions?
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If the file is uploaded from the TPP and the consent expiry period is shorter than the date of the future transaction, what should be expected?
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What will happen if the consent is revoked for the respective TPP before the execution of Future dated payments.
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This bulk payment cannot be used for Salary disbursement since it needs to go through WPS, correct?
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What will be the transaction posting SLA for bulk and batch payments?
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Is there any compliance or fraud check in place?
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Can we say that the open API will provide a tool to load files to LFI, and LFI will process the payment as business as usual?
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Does the system check the duplication in case the same amount is going to be paid to the same party?
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Is the Central platform going to mandate a set of formats for that file, or is it kept for the bank to mandate?
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Multiple banks where the beneficiary - Customer use multiple accounts to make the payment – what is the mechanism in place
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Is there any limited on the number of records or the size of the payload for a bulk/batch payment file?
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Is a payment identifier supported for each in individual payment instruction in a bulk/batch payment file?
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Will callbacks be available for bulk/batch payment files?
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How is the FileHash value used?
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Is it the responsibility of the LFI to ensure that only the TPP that has initiated a payment request can request a refund on this payment?
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Is an additional consent, and therefore Access Token, required to retrieve the debtor account details for a refund?
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Is a long-lived consent required to query the status of a completed single immediate payment?
Engagement Round 4
LFI Integration Sessions
Service Desk
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Engagement Round 3
Engagement Round 3
Chris Michael
Owned by
Chris Michael
30 Aug 2024
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