Tarabut teams up to launch centralised Open Banking authentication in Bahrain

MENA-based Open Banking platform Tarabut has collaborated with BENEFIT, an electronic network for financial transactions in Bahrain, and FLOOSS, to introduce centralised Open Banking authentication and consent in Bahrain.

The new partnership means consumers will be able to access financial services more easily and via an app-to-app experience, without the need for multiple authentication steps.

Bahrain-based digital financing service provider FLOOSS is the first to leverage the new centralised Open Banking authentication and consent solution, thereby providing its users with faster, more secure loan approvals powered by BENEFIT’s centralised authenticator platform.

With BenefitPay, Bahrain’s national electronic wallet, as the trusted authenticator, the initiative simplifies the connection between consumers and their banks.

Yousif AlNefaiei, deputy chief executive, business development and services at BENEFIT, 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.”

Abdulla Almoayed, CEO of Tarabut

Abdulla Almoayed, founder and chief executive officer of Tarabut, called the partnership “a pivotal moment” for Open Banking in Bahrain.

“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,” he added.

“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.”

The new functionality enables FLOOSS customers to select their preferred bank in the FLOOSS app and then, with BenefitPay as their secure authentication method, customers will identify their salary account within BenefitPay, resulting in a streamlined financing product journey.

“This streamlined approach is a huge leap forward for our customers,” said FLOOSS chief executive officer Fawaz Ghazal.

“With Tarabut as the technology mastermind driving this integration, and Benefit ensuring secure authentication, we are able to deliver a truly instant lending experience that sets a new benchmark for digital finance with no manual processes.

“Our partnership with Tarabut has been strong over the years, yielding game-changing benefits that allow us to continue elevating our services in the market – this is another step forward for all parties.”

Further reading: Tarabut partners with Geidea to deliver financing for Saudi Arabia’s SMEs