Bahraini fintech company BENEFIT has partnered with software provider Tarabut Gateway to roll out a new open banking authentication solution in the country.
This initiative streamlines access to financial services, offering consumers a simplified, app-to-app experience that removes the need for multiple authentication steps.
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FLOOSS, the first digital financing service provider in Bahrain, is set to be the first beneficiary of this new technology, which promises secure loan approvals through BENEFIT’s centralised platform.
The platform utilises BenefitPay, Bahrain’s national electronic wallet, as the trusted authenticator, thereby simplifying the connection between consumers and their banks.
BENEFIT business development and services deputy chief executive Yousif AlNefaiei said: “The BENEFIT Company is proud to be a driving force in Bahrain’s Open Banking evolution. Our partnership with Tarabut underscores our dedication to delivering secure, user-centred solutions that benefit consumers and enhance the wider financial ecosystem.:
Tarabut’s API platform drives Bahrain’s open banking network.
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By GlobalDataIts technology is designed to enhance the accessibility and speed of financial services.
Tarabut founder and CEO Abdulla Almoayed said: “By bringing together Benefit’s trusted infrastructure, FLOOSS’s innovative lending model, and Tarabut’s technology we are setting new standards for financial accessibility and security.
“Together, we’re making financial services faster, more secure, and more accessible for all, and we are achieving this by collaborating with the right partners, leveraging state-of-the-art technology and working towards shared goals.”
In 2022, Tarabut secured four new banking alliances as part of its expansion in Saudi Arabia.
