Commercial and Pricing Model
- Chris Michael
- Rajeev Walia
Version | 1.0 |
|---|---|
Publication Date | Oct 4, 2024 |
Classification | Public |
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 These fees are generally designed to diminish over time, superseded by the emergence of revenue generated by API call charges.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. |
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 its 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 correspond to the 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 CBUAE using the following 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 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:
Multi-Payments (including Variable and Static Recurring Payment)
Bulk and Batch Payments (if offered)
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 |
|
Peer-to-Peer |
|
Me-to-Me |
|
Bulk SME Payment |
|
Large Value Collection |
|
Note:
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.
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.
TPP to End Users
TPPs to End Users charges are summarized below:
Payment Type | TPPs to End User |
|---|---|
Merchant Collection |
|
Peer-to-Peer |
|
Me-to-Me |
|
Large Value Collection |
|
Note:
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 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:
Multi-Payments (including Variable and Static Recurring Payment)
Bulk and Batch Payments (if offered)
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:
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.
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.
TPPs to End Users
TPPs' charges to End Users are capped at 450 fils by the CBUAE.
Note:
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.
3.2 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:
Balance History
Transaction History
Balance History
Transaction History
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. |
|
Unattended Call | Unattended API calls represented automated initiation of data requests which can be used for scenarios such as data refresh. |
|
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. |
|
Unattended Call | Unattended API calls represented automated initiation of data requests which can be used for scenarios such as data refresh. |
|
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:
Confirmation of Payee
Payment Status
Direct Debit
Standing Orders
Overdrafts
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:
Insurance Consent
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:
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
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