/
Products Data

Products Data

Owned by Chris Michael
Last updated: 21 Dec 2024 by Andy Woollatt
11 min read

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 enabling a more tailored financial experience.

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

Customer Segments

Consumer

SME

Corporate

Banking Products

Banking Products

Banking Products

In Scope (Y/N)

Personal Current Accounts

Savings Accounts

Personal Credit Cards

Personal Unsecured Loans

Personal Home Mortgages

 

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

Product Reference Data Functionality

#

Functionality

Description

In Scope (Y/N)

  1.  

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.

  1.  

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.

  1.  

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.

  1.  

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.

  1.  

Update notifications

  • The capability to issue refresh notifications to TPPs when the Product Reference Data has been updated by a LFI.

  1.  

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.

  1.  

Submit product application

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

  1.  

Commercial Model for Product Referrals

  • The commercial model between TPPs and LFIs for product lead referrals.

  • The commercial model between TPPs and LFIs when a User successfully opens a new product with a LFI after being redirection from a TPP.

  • The TPP information to be included in the redirection call to the LFI when a User wishes to apply for a specific.

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 when requested by a PFM service User,

so that I can provide Users of our PFM app a comprehensive product comparison and display 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.

 

1.3 Leads - Generic User Stories

 

2. Product Wireframes & UX Guidelines

The following wireframes and guidelines outline the essential information and functionality that must be provided to the User, while enabling TPPs to implement additional features and capabilities to address their commercial and service-specific needs.

2.1 Wireframes

2.1.1 User requests product comparison and selects ‘Apply Now’

Note: The style and presentation of the returned product information to the User within the ‘Product Features & Characteristics’ section fall within the competitive domain of TPPs, enabling them to design and implement their own customer experience. This includes how the product information is summarised and how the detailed information is presented to the User.

image-20241219-172444.png

2.1.2 User requests product comparison and selects ‘Request contact from bank’

image-20241219-172538.png

2.2 UX Guidelines

ID

Actor

Requirement

UX Guidelines Statement

ID

Actor

Requirement

UX Guidelines Statement

1.

TPPs

MAY

Include additional text and information about the service they will be providing to the User. This additional information should clarify that the products returned will NOT include:

  • tailored individual quotes, or

  • confirmation of pre-approval for the product by the LFI

1.1

TPPs

MUST

Capture the User’s Emirates ID for new Users or display the existing Emirates ID if the User is already a consumer of the TPP’s services.

1.2

TPPs

MUST

Allow the User to select whether they only wish to see banking products that are Sharia compliant.

1.3

TPPs

MUST

Allow the User to select the type of Banking products they are interested in

1.4

TPPs

MUST

Display a list of optional Preference options that the User can populate to filter LFI products that do not meet their requirements or personal circumstances.

1.4.1

TPPs

MAY

Include different and/or additional Preferences to capture User information that can be used to assess the suitability of each returned LFI product.

1.4.2

TPPs

MAY

Make a Preference option mandatory if the information is essential for the TPP’s product assessment or User service.

1.4.5

TPPs

MAY

Decide what option values are displayed in each Preference drop-down list.

1.5

TPPs

MUST

Provide the User the option on what order or ranking the returned products are displayed to them. Depending on the product type the order options could be:

  • Rate

  • Annual Return

  • Minimum Opening Balance

  • Minimum Salary

  • Minimum Balance Required

  • Annual Fee

  • Alphabetically

1.6

TPPs

MUST

Show a list of LFIs the product information will be requested from. The logos and the brand names of the LFIs as they are defined in the Trust Framework Directory MUST be displayed to the User

1.7

TPPs

MUST

Provide the option for the User to de-select specific LFIs they do not wish to receive products from. By default “All LFIs” must be selected so that products are requested from all LFIs.

1.8

TPPs

MUST

Show a “Loading Products” screen when the User selects “View Products” to indicate that products are being requested from the selected LFIs.

2.1

TPPs

MUST

Ensure that products returned by the LFIs are displayed in the order requested by the User.

2.1.1

TPPs

MUST NOT

Give preference to or recommend products based on commercial agreements with specific LFIs.

2.2

TPPs

MUST

Use and display LFI logos and brand names as defined in the Trust Framework Directory.

2.3

TPPs

MAY

Choose how they show the returned product information and the level of data displayed to the User based on the service they wish to provide.

2.4

TPPs

MUST

Provide three options when the User selects an individual product:

  • Apply Now

  • Request contact from bank

  • Cancel

2.5

TPPs

MUST

Confirm that the User will be redirected to the LFI to commence the application process when they select the “Apply Now” option.

2.6

TPPs

MUST

When the User selects the “Request contact from bank” option:

  • Display the User information that must be provided or will be shared with the LFI when already held by the TPP.

  • Confirm to the User that the displayed or provided information will be shared with the LFI for follow-up regarding the specific product

  • Provide an acknowledge window or message when the User information has been successfully provided to the LFI.

2.6.1

TPPs

MAY

Include a free text box for the User to specify the reason for the LFI follow-up request.

2.7

TPPs

MUST

Allow the User to exit the individual product view and return to the product list

 

 

3. Rules & Guidelines

#

Step

Rules & Guidelines

#

Step

Rules & Guidelines

PRD-1

Product data access

TPPs MUST:

1.1 Be registered on the Trust Framework Directory as the API call to retrieve the product data uses mTLS to identify who is requesting the information.

PRD-2

Product Service Set-up

TPPs MUST:

2.1 Allow new Users to their service and existing Users to provide minimum customer data to enable the TPP to assess whether a user qualifies for a product, identify more suitable products that align with the user’s preferences and needs, or present better alternatives to replace one or more of their existing banking account products.

2.2 Allow Users to select and customize the order and ranking of products based on their preferences or specific requirements.

2.3 Confirm to the User that the products returned will NOT be:

2.3.1 tailored individual quotes, or

2.3.2 confirmation that the User has been pre-accepted for the product

2.4 Confirm to the User that a formal application with the appropriate LFI will be required if the User wishes to apply for a specific product.

2.5 Retain and store the details of the user who triggered the product data request for future audit or reporting purposes. The specific information that the TPP captures and stores to evidence product requests made on behalf of a user is determined by the TPP's internal processes. However, it is expected that the stored information allows the user's identity to be clearly established.

PRD-3

Retrieve Product data

TPPs MUST:

3.1 Request the whole of market Retail Banking products from all LFIs using the Open Finance Platform (OFP) without the requirement to provide a User consent to disclose the product data.

3.2 Provide the applicable product filters in the request when the User only wishes available products for a specific product type.

3.3 Not provide any customer identifiable data as part of the Product request.

3.4 Initiate individual Products requests to each LFI or the LFIs selected by the User using the OFP. [1]

OFP MUST:

3.4 Allow the TPPs to submit each individual Product data request without any MFA or authorization from the User.

3.5 Send the Product data request to each LFI to retrieve all their publicly available products across the five Banking products or the specific requested product category.

LFIs MUST:

3.6 Be able to receive the Product data requests from the OFP.

3.7 Process the request without requiring any User information or authorization.

3.8 Immediately respond to each Product request by returning their publicly available products in the response messages back to the OFP.

OFP MUST:

3.9 Forward the responses to each Product data request back to the initiating TPP when received from each individual LFI. [1]

[1] A Products request must be submitted to each LFI by the TPP, as the OFP does not support broadcasting a single API message to multiple recipients.

PRD-4

Display Product Information

TPPs MUST:

4.1 Retrieve the details of each LFI providing the product from the Trust Framework Directory.

4.2 Use the logos and Brand names of the LFI as they are defined on the Trust Framework Directory when displaying the product information to the User.

4.3 Display the product information from all LFIs to the User based on the User’s preference choice or ranking.

4.4 NOT rank or display the products based on whether the TPP has a commercial agreement in place with the LFI.

PRD-5

User Product Options

TPPs MUST:

5.1 Allow the user to take no further action if they decide that none of the available products meet their preferences, needs, or serve as a suitable replacement for their existing banking product.

5.2 Provide users with the option to apply for a product, including clear confirmation of the next steps and detailed application requirements.

5.3 Offer users the option to request direct contact from a specific LFI to discuss the product before deciding whether to proceed with a formal application.

PRD-6

Product Application

TPPs MUST:

When a user wishes to make a formal application for a product:

6.1 Clearly inform the user of the documentation required by the LFI to support their application, based on the documentation requirements provided in the product response.

6.2 Notify the user that any data previously captured by the TPP will need to be re-submitted to the LFI as part of the application process.

6.3 Redirect the user to the LFI’s application site when an appropriate URI is provided by the LFI.

LFIs MUST:

6.4 Treat applications submitted by users via a TPP in the same manner as applications submitted through their own channels.

6.5 NOT impose additional rates or fees on applications originating from a TPP.

6.6 NOT require the TPP to provide customer information to initiate the product application process.

PRD-7

User Leads

TPPs MUST:

7.1 Provide users with the option to request that a specific LFI contact them to discuss the suitability of its banking products.

7.2 Clearly inform Users of the data that will be shared with the LFI to enable follow-up on the product information request.

7.3 When submitting the Leads request include the following User information:

  • Full name (Given Name and Last Name),

  • Contact details (email (mandatory) and/or telephone number),

  • Address details,

  • Emirates ID,

  • Details about the product of interest.

7.4 NOT encrypt the user data included in the Leads request [2]

7.5 Submit the Leads request via the OFP.

OFP MUST:

7.6 Pass through the User Leads information received from a TPP to the specific LFI.

7.7 NOT store or retain any of the User Leads data provided by the TPP.

LFIs MUST:

7.7 Be able to receive the Leads request from a TPP.

7.8 Use the contact details provided by the TPP to reach out to the user and address their product query or discuss the product of interest.

[2] While the user’s PII data in the data package will not be encrypted, the Leads request will be encrypted during transmission over the network. Furthermore, the user’s PII data will not be stored by the OFP.

© CBUAE 2024-2025
Open License and Contribution Agreement | Attribution Notice