API Products are bundles of resources that provide a specific level of access and functionality for application developers. Once you create an app, you can choose API products and consume their respective API resources using the provided app credentials. Arab Bank's APIs will allow you to integrate Open Banking functionality into your application.
APIs are categorized into these API products:
Open Data APIs
Open Data APIs allow easy access to up-to-date, standardized, non-account bound banking information. Publically available APIs are as follows:
- Currency exchange rates
- Interest rates
- Product information
- Branch locator
- ATM locator
- ITM locator
- Geolocation clusters
- Loyalty points Program
Account information APIs
Account information APIs provide accounts-related information held by the bank customer, and are categorized as follows:
- General Information
- Recurring Transactions
- Direct Debits
Calling the above APIs requires the customer's authentication and consent through Arab Bank's redirect page using oAuth.
Baking APIs use cases have no limit; you can innovate in the field of Fintech for as much as your creativity allows! below are some generic use cases for account info APIs.
- Aggregation of financial metrics such as net worth and savings across multiple accounts
- Analysis and recommendations for better money management
- Reccomendation of products and deals based on monthly statements
In order to successfully call account info and payments API endpoints, the app will first need to call the OAuth API, so that it can get an access token. The OAuth APIs support the Authorization Code grant flow wherein a code is returned back to the app through a query parameter in the callback URL once the user is authenticated. The returned code is then exchanged to an Access Token through the token end point.
Once the Access Token is obtained, the app can use this access token to make the calls to the accounts info APIs and payments APIs. When the API is called, the request ID is retrieved from the access token to proceed with the API call and retrieve the customer information.
As the name implies, payment APIs enable the transfer of funds from a customer's account to a recipient.
For initiating a transfer the app will have to provide the payment information such as amount, currency, recipient's account number, permissions, etc in the request payload. After which a payment request Id is obtained through the bank through the API response. Using this Id will allow the app to submit a payment on behalf of the user using the Authorization Code grant where the user authenticates and consents to recieve a code that is later exchanged to an access token.
Using the generated Access Token, a one-time payment submission can be done. Below are some generic use cases for payment APIs:
- Immediate payment transfers for online purchases, thus reducing credit card fees.
- Push payments providing merchant with immediate access to the transferred amount
- Fast retail loans from third-party lenders.