Middle East and Africa-based financial institution QNB has launched Qatar’s first Open Banking API services for corporate clients.

The service is the latest addition to the bank’s range of digital solutions.

QNB’s Open Banking APIs mean that companies are able to interact directly with the bank through API calls, covering services including transaction initiation, as well as service and information requests.

Khalid Ahmed Al-Sada, QNB group senior executive vice president, corporate and institutional banking, said: “Our goal is to enrich our corporate bank e-channels with beyond banking value-added services.

“We strongly believe that with the arrival of Open Banking a new digital collaborative financial ecosystem started to emerge globally, where banks together with their new partners can unlock further synergies and drive innovation faster.”

The new service is now available to all corporate clients and service providers, both in Qatar and at all QNB branches globally. QNB Group has a presence in more than 28 countries across three continents.

“The ultimate goal of Open Banking is to increase efficiency, enrich functionality and elevate the user experience to the next level, by adopting our Open Banking APIs, our clients are not just accessing financial services; they are becoming part of a transformative movement that redefines the possibilities of corporate banking,” Al-Sada added.

In February this year, the Qatar Central Bank announced the launch of its instant payment system Fawran the following month, in line with the country’s Third Financial Sector Strategy.