What is AlTareq?

AlTareq is a key enabler of Open Finance in the UAE and its impact will be most visible in how payments are made across industries. Designed by the Central Bank as the trust framework behind the country’s Open Finance rollout, AlTareq introduces a standardized, secure way for consumers and businesses to make payments directly from bank accounts.

This article explains how AlTareq supports the growth of account-to-account payments, what it means for merchants and platforms, and how it’s reshaping the financial infrastructure of the UAE.

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The Role of AlTareq in Open Finance

AlTareq serves two purposes. First, it provides a consistent identity and interface for Open Finance services across the UAE. Second, it ensures that all participants (from banks to fintechs) adhere to the same security and operational standards when enabling payment initiation and other financial services.

This consistency matters especially for payments, where reliability, speed, and trust are critical. The presence of the AlTareq brand in a payment flow signals to users that the process is secure, regulated, and endorsed by the Central Bank.

How AlTareq-Powered Payments Work

Under AlTareq, licensed entities can offer payment initiation services that let users pay merchants directly from their bank accounts. These services are integrated into checkout flows or mobile apps through secure APIs.

The result is a seamless flow:

• The customer selects “Pay by AlTareq” at checkout.
• They are redirected to their bank’s app to approve the transaction.
• Once approved, the payment is sent in real time to the merchant’s account.

This method bypasses cards, wallets, and other intermediaries, reducing the number of parties involved and lowering the overall cost of the transaction.

Why AlTareq Matters for Businesses

By standardising Open Finance implementation and encouraging adoption, AlTareq creates a level playing field for businesses to offer modern payment solutions. Merchants and platforms can expect:

• -> A reduction in payment processing costs, thanks to lower fees and simplified infrastructure.
• -> Faster access to funds, with near-instant settlement.
• -> Fewer payment failures, as authentication is handled by the user’s bank.
• -> A consistent user experience across banks and payment providers.

This isn’t just a technological shift, it’s an economic one, allowing businesses to retain more margin while offering smoother checkout journeys.

A Step Toward National Adoption

With AlTareq as a unifying brand and standard, Open Finance payments are positioned to become the default across digital commerce in the UAE. Over time, users will grow familiar with bank payments as a faster, more secure alternative to cards.

The more visible the AlTareq brand becomes, the more trusted and widespread Open Finance payments will be.

How Lean Aligns with AlTareq

At Lean, we’ve been closely working with the AlTareq initiative to ensure our solutions fully comply with their framework. Here’s how we’re supporting:

• Secure API infrastructure that aligns with AlTareq’s technical specifications.
• Clear branding and UX that communicates consent and data control to users.
• Trust-first messaging in partnership campaigns to build user confidence in Open Finance experiences.

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