Muscat: The newly introduced framework empowers customers to share their financial data securely—with their consent—allowing them to access personalized and value-added financial services across multiple institutions. By consolidating account management onto a single digital platform, customers can now manage accounts from different banks, compare services, and make payments through one trusted application.

The benefits extend beyond convenience. Open Banking simplifies the customer onboarding process, streamlines KYC procedures, and facilitates real-time payments. Additionally, the data-sharing model enables banks and financial institutions to better analyze customer behavior, leading to tailored services that meet individual financial needs.

According to the Central Bank, this regulatory step is crucial in driving innovation while maintaining robust security and sustainability in the financial system. The framework aims to automate processes, provide faster data-driven solutions, and significantly enhance overall customer satisfaction.