Wio Business: Open Finance User Guide & FAQs

Overview

Open Finance is an initiative established by the Central Bank of the UAE (CBUAE) that empowers you to securely connect your Wio Business accounts with licensed third-party financial applications, accounting software, and fintech services.

Through the UAE’s secure national platform, Al Tareq (operated by Nebras), you have complete control over how your financial information is shared. Open Finance is 100% optional, requires your explicit authorization, and allows you to view or revoke access at any time.

Key Benefits

• Seamless Financial Integration: Connect your Wio Business account directly with licensed fintech tools, accounting platforms, and financial management applications.

• 100% In Your Control: No data is ever shared without your explicit consent. You choose which apps can connect, what information they can see, and how long they have access.

• Safe & Regulated: All participating third-party providers are licensed and strictly regulated under Central Bank of the UAE standards.

• Instant Revocation: You can pause or stop sharing your data with any connected application at any time directly within the Wio Business app.

• Centralized Security: The Al Tareq platform securely coordinates connections without storing your banking login credentials or holding customer funds.

What Financial Data Can Be Shared?

When connecting to a licensed financial app, you can choose to authorize access to specific details, such as:

• Account Details: Account name, IBAN, currency, and account status.

• Transaction History: Past transactions, dates, descriptions, and amounts.

• Payment & Balance Details: Available balances and incoming/outgoing payment records.

• Product Information: Account type and plan details.

Understanding Consent Statuses

Your connections move through clear lifecycle stages:

How to Connect Your Wio Business Account to a Third-Party App

1. Open the licensed third-party application (e.g., your accounting or financial management app).

2. Tap Connect your account using Al Tareq.

3. Select Wio Bank from the list of financial institutions and tap Proceed using Al Tareq.

4. Review the details on the Consent on data sharing screen.

5. You will be redirected securely to the Wio Business app.

6. Review the requested permissions, data types, and duration, then tap Authorize using Al Tareq.

7. Once verified, you will be redirected back to the partner app with a confirmation that your account is successfully connected.

Note for Multi-Signatory Accounts: Authorized business signatories with mobile app access can independently review and manage data sharing connections for their respective company profiles.

How to View and Manage Active Connections

You can easily review which applications currently have access to your account data:

1. Open the Wio Business app.

2. Tap your profile icon and go to Settings.

3. Tap AlTareq Connections (or navigate to the Accounts tab > AlTareq Connections).

4. View your active connections under the Data Sharing / Current tab.

5. Tap Manage next to any connected application, then tap Approval details to review the specific data permissions and validity dates.

How to Stop Sharing Data (Revoke Consent)

You can disconnect any third-party provider and immediately stop data access at any time:

1. Open the Wio Business app and go to Settings.

2. Tap AlTareq Connections.

3. Under the Data Sharing screen, locate the application you want to disconnect.

4. Tap Manage next to the provider name.

5. Tap Stop sharing.

6. Confirm your selection. The connection will be revoked immediately, and the third party will no longer have access to your account data.

Frequently Asked Questions (FAQs)

Is Open Finance mandatory?

No. Open Finance is entirely optional. Your account data remains private and is only shared when you explicitly authorize a connection with a licensed provider.

What is the Al Tareq platform?

Al Tareq is the UAE’s secure national Open Finance platform overseen by the Central Bank of the UAE and operated by Nebras. It acts as a secure digital bridge between regulated banks and licensed financial providers to ensure data privacy and central consent management. Al Tareq does not hold your funds or store your private banking login credentials.

Does Nebras or Al Tareq see my banking passwords?

No. You never share your Wio password, passcode, or PIN with third parties. Authentication always takes place securely inside the Wio Business app.

What happens if I revoke my consent?

When you tap Stop sharing, the third-party application's access is cancelled immediately. They will not be able to retrieve any new data from your Wio account unless you initiate a new connection.

How long does a connection remain active?

Each connection displays a defined validity period when you first authorize it. You can view the expiration date at any time under Approval details in your app settings. Once expired, access stops automatically.