API hub
A central platform through which institutions and licensed providers connect for open finance, instead of many bilateral links.
An API hub is a centralised platform through which participants in an open finance framework connect to each other. The Central Bank of the UAE's Open Finance Regulation defines its API Hub as the centralised application programming interface hub established by the central bank, through which parties access the open finance framework. A hub standardises interfaces, security and onboarding, at the cost of dependence on one piece of shared infrastructure.
Sources
This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.
Related terms
Application programming interface (API)A defined way for software systems to request data or actions from each other; the technical channel of open finance.Open financeCustomer-permissioned sharing of financial data, and initiation of services, by licensed third parties through secure interfaces.Data holderThe licensed institution that holds a customer's data and must make it available to authorised providers with the customer's consent.