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.
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.
Lean Technologies and AlTareq are regulated by the Central Bank of the UAE.
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:
This method bypasses cards, wallets, and other intermediaries, reducing the number of parties involved and lowering the overall cost of the transaction.
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:
This isn’t just a technological shift, it’s an economic one, allowing businesses to retain more margin while offering smoother checkout journeys.
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.
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:
1. OPEN FINANCE OVERVIEW
1.1 What is Open Finance?
Open Finance gives you control over your financial data and services. With your permission, it allows you to securely share your bank, insurance, mortgage, and other financial information and initiate services via regulated providers to access more personalised, innovative, and convenient financial services.
1.2 What is Open Finance called in the UAE?
AlTareq is the name for Open Finance in the UAE. You will see this name and logo when using Open Finance services provided by banks, insurers, exchange houses or brokers, and other fintechs known as Third-Party Providers. Examples include:
1.3 Why was AlTareq introduced?
The Central Bank of the UAE (CBUAE) launched AlTareq to help to digitise the financial sector and give you more choice and convenience. AlTareq, the name for Open Finance in the UAE, securely connects all Licensed Financial Institutions and Third-Party Providers apps, such as Lean Technologies via a central platform. AlTareq has the capacity to enable four key functionalities including data sharing, quote generation, service and transaction initiation and onboarding to Licensed Financial Institutions. Not all functionality is available in all sectors of financial services.
1.4 Who is involved in AlTareq in the UAE?
1.5 How does AlTareq work?
With your explicit consent, AlTareq allows regulated Third-Party Providers, such as Lean Technologies, to securely connect to Licensed Financial Institutions. The connection is made through an Application Programming Interface (API); this is the same type of connection your mobile phone uses to connect your photos to your social media apps. However, AlTareq utilises the highest-grade of security for the connection. This enables us to offer enhanced financial products and services tailored to your needs.
1.6 What are the benefits of AlTareq?
AlTareq gives you control over your financial data and services, allowing you to choose the way you access financial services, via different channels and new partners.
1.7 Does the provider of the financial services change?
No, the provider of your financial services does not change when you use AlTareq based services. Your insurance is still from your insurer, payments are still made by your bank, currency conversion is still completed by your exchange house, but you can access these services and their data via third-party applications.
2. GETTING STARTED WITH ALTAREQ
2.1 Who benefits from using Open Finance/AlTareq?
AlTareq empowers you and businesses by providing access to an enhanced range of financial products and services. You can access and connect your financial services like never before.
2.2 What role do Licensed Financial Institutions, play in AlTareq?
Licensed Financial Institutions are the foundation for AlTareq, providing secure access to users' financial data and ensuring compliance with regulatory standards. We are responsible for safeguarding user information, enabling [data-sharing] features, and managing risks of our service.
2.3 How do I get started with AlTareq?
You can access AlTareq based services through regulated Third-Party Providers apps or platforms, such as Lean Technologies, it is based on giving your consent for data sharing or service initiation, quotes or onboarding.
2.4 What is the AlTareq Consent Manager App?
The AlTareq Consent Manager App allows you to give permission and manage your financial data you share through AlTareq. It's a trusted, centralised app that lets you manage all your consents in one place, and for certain financial institutions you can use it to approve payments, share data, in the event the financial institution does not have its digital channel.
2.5 Am I automatically enrolled in AlTareq?
No, AlTareq is entirely voluntary. You will need to actively give consent before any data is shared, or services are initiated with a third-party app. However, everyone is able to utilize AlTareq based services, without any preliminary steps with your financial institution. You can manage or cancel your consent at any time through:
2.6 How does AlTareq benefit me?
AlTareq enhances how you access and leverage financial services through:
2.7 Where can I find out more information on AlTareq?
You can find additional details on the AlTareq website and its operator Nebras’s website.
3. SECURITY CONTROLS & REGULATION
3.1 Is AlTareq safe?
AlTareq places nothing above its security, reliability and the Open Finance regulatory protection afforded to customers. Only providers that are licensed and regulated by the Central Bank of the UAE (CBUAE) can access your data, and only with your explicit, informed consent. AlTareq is built with world-class levels of protection, utilising advanced security tools such as multi-factor authentication and encryption to ensure your information and the financial services you use remain private and secure.
3.2 What measures are in place to ensure the security of AlTareq?
AlTareq uses multiple layers of protection to ensure security:
3.3 What is multi-factor authentication?
Multi-factor authentication adds an extra layer of security to verify your identity when giving consent to share data or initiate a service using AlTareq. It requires you to provide at least two of the following forms of identification:
3.4 How do I give consent?
Consent requests are initiated through the Third-Party Provider app and consent authorisation is then confirmed by you via your selected Licensed Financial Institution (e.g. bank or insurer) AlTareq Consent Manager. You can view, pause, or cancel your consent at any time through any of the platforms mentioned in 2.5.
3.5 What type of data is shared through AlTareq?
With your consent, AlTareq allows the sharing of:
3.6 How long is my consent active?
Consent automatically expires after one year. You will need to extend consent if you want the AlTareq-based services to continue. You can also temporarily suspend or completely revoke consent at any time through your Licensed Financial Institution or the Third-Party Provider app or website, or the AlTareq Consent Manager App, giving you control over your data-sharing preferences and service initiation permissions.
3.7 Who controls my personal data?
You have control over your personal data. You decide who sees your data, what they see, and when they can see it. You can stop providing access at any time, and when you do, Third-Party Providers like us are obliged to delete your data, which is not required to be retained by law or regulation.
3.8 Are there regulations/ legislation that protect users?
Yes, the CBUAE Open Finance Regulations establishes a comprehensive framework for licensing, supervision, and operation of AlTareq in the UAE. It outlines the requirements and license conditions for AlTareq Third-Party Providers, ensuring that only regulated organisations can engage in data sharing and service initiation. For more detailed information, please refer to the Open Finance Regulation.
3.9 What happens if a security breach occurs?
If a security breach occurs, the bank, insurer, or Third-Party Provider must notify you immediately and address the issue. AlTareq uses centrally operated security measures to prevent this from happening. AlTareq has a comprehensive liability model that compensates users in the event of any performance issue or security breach, in addition to the protection provided by UAE law.
3.10 What happens if a payment or Foreign Exchange transaction doesn’t work?
If you have attempted to initiate a payment or other transaction via a Third-Party provider and it is not able to be completed due to an issue on the side of your chosen Third-Party or on the side of your licensed financial institution (your bank, insurer, exchange house etc) you will receive an error message that explains the problem. You can then decide to re try the transaction, after having addressed the issue, if you feel comfortable to do so. Error messages could include:
3.11 What happens if suspicious activity is detected on my bank account?
If suspicious activity is detected, your bank may trigger security protocols, such as requiring additional authentication, temporarily blocking transactions, or notifying you for manual verification. If fraudulent activity is confirmed, your financial institution will take protective action.
3.12 How do I check if a Third-Party Provider is regulated?
You can find this information on the AlTareq directory on the Nebras website or the CBUAE Register. [https://www.centralbank.ae/en/licensing/]
4. UNDERSTANDING CONSENT & DATA CONTROL
4.1 What is Consent in AlTareq?
Consent in AlTareq means that you explicitly authorise Third-Party Providers, such as Lean Technologies, to access specific financial data or initiate services on your behalf. Consent is always required before any data sharing or service initiation occurs, ensuring you retain full control over your financial information. You can revoke, pause, or modify your consent at any time through the consent management online or in apps provided by Licensed Financial Institutions, Third-Party Providers or the AlTareq Consent Manager.
4.2 Who kicks off the process of seeking Consent in AlTareq?
The Third-Party Provider will always be the first stepping in creating consent, from a Licensed Financial Institution. The TPP will state to the user that they need consent and a connection to your Licensed Financial Institution in order to help to provide you with their services. This may be a one-off Consent, such as a single payment, or an ongoing consent for data sharing or multiple payments made over time.
4.3 Do I have to give consent every time?
No, you can provide Third-Party Providers with long-lasting consents for the initiation of services or payments so that they can apply on future occurrences of a specific action or transaction, eliminating the need for repeated consent each time. Long-lasting consents can include data sharing permissions and payments as well as other services that a Third-Party can initiate. You can revoke, pause, or modify your consent at any time.
4.4 Can I limit the financial data I share with Third-Party Providers?
Yes, AlTareq allows you to selectively share data, instead of providing access to all your accounts. For example, you can consent to sharing only your transaction history for your current account, but not for your savings account. Licensed Financial Institutions and Third-Party Providers must follow strict data governance policies to ensure that only authorised data is accessed. Some Third-Parties rely on particular data/service initiation for their proposition, therefore, their service will not be able to function unless you are willing to provide your consent for the data they need. Consent granting is always your decision.
4.5 How does AlTareq ensure that my financial data is accurate when shared?
AlTareq enforces high standards of data accuracy through regulatory compliance, testing and continuous monitoring. Licensed Financial Institutions must ensure that all shared data is complete, up-to-date, and consistently formatted to prevent discrepancies. Licensed Financial Institutions are also required to have governance policies to maintain data integrity.
4.6 How do I revoke or suspend consent for data sharing or service initiation?
You can revoke or temporarily suspend consent in three ways:
Manage consent via Licensed Financial Institution app or portal: You can revoke or temporarily suspend consent any time directly through their consent management interface.
Manage consent via Third-Party Provider app or platform: You can revoke or temporarily suspend consent at any time directly through our consent management interface.
Manage consent via the AlTareq Consent Manager App: You are authenticated on the AlTareq Consent Manager App through your digital identity in the UAE. Once authenticated, you can revoke or temporarily suspend consent at any time directly through the app.
4.7 Can I temporarily pause my data-sharing consent instead of revoking it?
Yes, AlTareq allows you to pause your data-sharing consent rather than completely revoking it. This feature also allows you to temporarily stop sharing data without losing your existing consent setting. When consent is paused, Third-Party Providers will not have access to new data or to initiate services until you reactivate your consent.
4.8 Can you track which Third-Party Provider has accessed my data?
Yes, you can view a history of which Third-Party Providers have accessed your financial data, when the access occurred, what type of data was shared or what type of services was initiated, and when consent expires on your selected Third-Party Provider’s app or your Licensed Financial Institution’s app in their consent management interface. This ensures full transparency and control over your financial information.
4.9 Can Third-Party Providers access my financial data without my consent?
No, Third-Party Providers cannot access your financial data without your explicit consent. AlTareq is designed with strict management controls, ensuring that users authorise every data-sharing and service initiation Consent request.
5. HOW DOES CONSENT & DATA CONTROL (MANAGEMENT) WORK?
5.1 How does AlTareq ensure a consistent and user-friendly experience?
AlTareq has been designed to provide a consistent and user-friendly digital experience across all Licensed Financial Institutions and Third-Party Providers. You will get a standardised experience including:
Giving Consent: When giving consent to any Third-Party Provider, you will experience the same customer journey and the same format of information about the consent, including when moving between the Licensed Financial Institutions’ and Third-Party Providers’ apps and portals. You will choose your Licensed Financial Institution from a list with standardized logos and names.
During Redirection (Transfer to the LFI): When giving consent the Third-Party Provider’s app or portal will connect to your chosen Licensed Financial Institution, this will lead to opening their app or portal and completing the required consent authorization steps with your LFI, after this is completed or rejected by you, you will be redirected back to your Third-Party Provider’s app/portal.
Managing Consent: You will always be able to easily view, manage, or revoke your permissions with any Third-Party Provider or Licensed Financial Institution.
Tracking Transactions: You can always keep track of your transactions, so you always know what’s happening with your money.
CONSENT AUTHENTICATION & AUTHORISATION
5.2 How does service/payment initiation consent work for a single payment via Licensed Financial Institution website or app?
To consent to a payment initiation, select ‘Pay by Bank with AlTareq’ on Third-Party Provider website or app, at checkouts or on other e-commerce platforms and select the Licensed Financial Institution (e.g. bank) to authorise the payment from. The Third-Party Provider app or checkout/e-commerce platform will display payments details and then request you to confirm permission to make a payment. You will be redirected to your bank’s app/portal for authentication by verifying your identity by logging into your bank, after reviewing payment details and selecting the account to pay from, before confirming “Pay using AlTareq”. You will then be switched back to Third-Party Provider portal/app or checkout/e-commerce platform after payment confirmation and if it’s been successful, a confirmation of payment will be shown.
CONSENT MANAGEMENT
5.3 How can I view all my consents?
You can view all your consents in one place on the AlTareq Consent Manager app. Select the ‘Consents’ tab to view all your active and past consents. You can click on the active consent to pause or cancel your consent at any time.
5.4 How do I manage consents on a Licensed Financial Institution’s website or app?
You can manage all your AlTareq connections/consents for a particular Licensed Financial Institution on their web portal or app. You can click on the active consent to pause or cancel your consent at any time.
5.5 How do I manage my consents on the Third-Party Provider’s apps or platform?
You can manage any consents you have granted us on our the Third-Party Provider’s app. You can view your active consents to Licensed Financial Institutions (e.g. banks) and the details of those consents. You can click on the active consent to pause or cancel your consent at any time.
6. USER SUPPORT
6.1 How can I address issues arising from AlTareq-related activities?
If you are encountering issues with AlTareq related activity, you should raise the concern with the Licensed Financial Institution or Third-Party Provider. If there is a resulting issue the LFI and TPP, this will be reviewed by Nebras and the CBUAE. If your issue is still not resolved by these processes, or you are not satisfied with the outcome, you can expect, in accordance with the regulation, to escalate the matter to Sanadak for further assistance.
6.2 What is Sanadak?
Sanadak is an impartial entity dedicated to investing and resolving complaints from users in the financial services sector, ensuring a fair and unbiased dispute resolution process. It is the first financial, insurance, and ombudsman unit in the Middle East and North Africa (MENA) region, setting a new standard for consumer protection in the region.
6.3 Who is responsible for financial losses if an unauthorised transaction occurs through AlTareq?
Liability for unauthorised transactions depends on the cause and responsible party, which may be the Licensed Financial Institution, the Third-Party Provider, or the end user. The AlTareq model is to hold the party responsible for what they do in the ecosystem. For official, detailed information please refer to the Limitation of the Liability Model page.
7. PAYMENTS AND TRANSACTIONS
7.1 What types of payments can I make using AlTareq?
AlTareq enables the initiation of a variety of payments with your explicit consent, including single instant payments, recurring transactions, bulk payments, future-dated transfers, and international payments. Your selected Licensed Financial Institution still makes the payment that can be initiated through the Third-Party Provider app or platform.
7.2 Can AlTareq be used to make international payments?
Yes, AlTareq supports international payments. With your explicit consent, Third-Party Providers can initiate cross-border payments from your account to a desired beneficiary abroad.
7.3 Can I schedule payments in advance using AlTareq?
Yes, AlTareq allows users to schedule payments in advance. This feature supports recurring payments, enabling users to automate committed payments and manage their financial commitments.
7.4 How can I track payments made through AlTareq?
You can track attempted AlTareq payments directly on your selected Licensed Financial Institution website and mobile banking app or via Third-Party Provider app or platform. You can check if a payment has been completed, failed, or is still pending through your transaction history via our app.
7.5 What happens if my payment through AlTareq fails?
If an AlTareq payment fails, the Licensed Financial Institution or Third-Party Provider app platform will immediately notify you of the transaction failure. Possible reasons include insufficient funds, authentication errors, or a processing error at the receiving institution. Your selected Licensed Financial Institution or the Third-Party Provider will guide you on corrective actions.
7.6 Can I request a refund for a payment made through AlTareq?
Yes, you can request a refund for a payment made through AlTareq, but it depends on the merchant’s refund policy. AlTareq enables merchants (or their Third-Party Providers) to process refunds when both the user and the merchant have mutually agreed to it. Refunds can be processed via AlTareq payment initiation or another means of payment mutually agreed between the merchant and the customer.
7.7 How can I set my transaction limits?
For long lived consents that can enable multiple payments to be made via AlTareq, you can define the maximum allowable payment values per transaction, cumulative transaction limits per day/month, and other limits on recurring payments. These controls ensure better financial management and fraud prevention.