{"id":12696,"date":"2025-06-12T09:29:04","date_gmt":"2025-06-12T09:29:04","guid":{"rendered":"https:\/\/fintechnews.ae\/?p=26531"},"modified":"2025-06-12T09:29:04","modified_gmt":"2025-06-12T09:29:04","slug":"aed-2-billion-in-open-finance-payments-tracked-in-uae","status":"publish","type":"post","link":"https:\/\/mena-fintech.org\/demo\/aed-2-billion-in-open-finance-payments-tracked-in-uae\/","title":{"rendered":"AED 2 Billion in Open Finance Payments Tracked in UAE"},"content":{"rendered":"

Lean Technologies<\/a>, a financial infrastructure provider in MENA has published a comprehensive whitepaper detailing how Open Finance is redefining payments in the UAE.<\/p>\n

Titled The Dawn of Open Finance – Payments<\/a>, the report serves as a reference for fintech companies, digital platforms, financial institutions and policymakers seeking to understand how regulatory frameworks and new technologies are coming together to reshape payment systems in the country.<\/p>\n

\"Source:
Source: Lean<\/figcaption><\/figure>\n

The whitepaper outlines the foundational components of Open Finance in the UAE, with a particular focus on payments.<\/p>\n

It explains how account-to-account payments are becoming a viable alternative to traditional card-based transactions, supported by regulatory infrastructure developed by the Central Bank of the UAE.<\/p>\n

These payments are initiated and authorised through licensed third party providers using regulated APIs, enabling users to make real-time transfers directly from their bank accounts.<\/p>\n

Key elements of the UAE\u2019s Open Finance model include AlTareq, a centralised user interface standard that ensures a consistent payment experience, and Aani, the country\u2019s national real-time payments rail.<\/p>\n

Together, these initiatives enable faster, more secure, and more transparent transactions for both consumers and businesses.<\/p>\n

The whitepaper also breaks down various payment types enabled through Open Finance, such as single instant payments, future-dated payments, fixed and variable recurring payments, and bulk or batch disbursements.<\/p>\n

\"Source:
Source: Lean<\/figcaption><\/figure>\n

Each type is accompanied by a consent model that specifies transaction limits, authorisation timeframes, and access controls, providing users with full visibility and control.<\/p>\n

\"Source:
Source: Lean<\/figcaption><\/figure>\n

A comparison with other payment methods highlights the practical benefits of Open Finance, including lower transaction fees for merchants, reduced fraud risks, and near-instant settlement through domestic rails.<\/p>\n

In contrast to cards or manual bank transfers, Open Finance offers embedded experiences within apps or platforms, eliminating the need for manual data entry or external redirection.<\/p>\n

The paper also outlines the governance framework behind Open Finance in the UAE, including the role of consent as a mandatory, standardised element across all services.<\/p>\n

It provides a detailed view of how users authenticate, authorise, and manage their payment permissions, with features such as multi-factor authentication, real-time notifications, and revocation controls.<\/p>\n

Lean, which is licensed as a third party provider in the UAE, developed the paper based on its operational experience supporting Open Finance across the region.<\/p>\n

The company states that while systems like Aani provide the payment infrastructure, businesses often require additional layers of integration and support.<\/p>\n

Lean\u2019s role, the paper notes, is to bridge that gap by offering developer-friendly APIs, unified bank connectivity, and real-time payment orchestration.<\/p>\n

\"Source:
Source: Lean<\/figcaption><\/figure>\n

With integrations across more than 16 banks, covering 99 per cent of the UAE\u2019s banked population, Lean reports that its technology is currently in use by platforms such as Careem, e&, DAMAC and Lulu Money.<\/p>\n

The company says the whitepaper reflects both the current state of Open Finance and the opportunities that lie ahead as adoption increases.<\/p>\n

The post AED 2 Billion in Open Finance Payments Tracked in UAE<\/a> appeared first on Fintechnews Middle East<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lean Technologies, a financial infrastructure provider in MENA has published a comprehensive whitepaper detailing how Open Finance is redefining payments in the UAE. Titled The Dawn of Open Finance \u2013 Payments, the report serves as a reference for fintech companies, digital platforms, financial institutions and policymakers seeking to understand how regulatory frameworks and new technologies […]<\/p>\n

The post AED 2 Billion in Open Finance Payments Tracked in UAE<\/a> appeared first on Fintechnews Middle East<\/a>.<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[175,206,287],"tags":[],"class_list":["post-12696","post","type-post","status-publish","format-standard","hentry","category-abu-dhabi","category-dubai","category-lean-technologies"],"_links":{"self":[{"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts\/12696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/comments?post=12696"}],"version-history":[{"count":2,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts\/12696\/revisions"}],"predecessor-version":[{"id":12706,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/posts\/12696\/revisions\/12706"}],"wp:attachment":[{"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/media?parent=12696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/categories?post=12696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mena-fintech.org\/demo\/wp-json\/wp\/v2\/tags?post=12696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}