In a significant advancement for the fintech landscape, BENEFIT, a leading entity in electronic financial transactions within the Kingdom of Bahrain, has partnered with Tarabut, a prominent open banking platform in the MENA region, to unveil the first innovation-led centralised open banking authentication solution in the country. This initiative aims to transform the way consumers access financial services by providing a seamless app-to-app experience that eliminates the need for multiple authentication steps.
The groundbreaking technology introduced by this partnership positions Bahrain as a forerunner in open banking innovation on a global scale. The initiative is being spearheaded by FLOOSS, Bahrain’s first digital financing service provider, which will be the inaugural user of the centralised authenticator platform from BENEFIT. By employing this new technology, FLOOSS aims to enhance the loan approval process, enabling customers to experience quicker and more secure transactions.
As the central authenticator for open banking transactions, BENEFIT plays a pivotal role in simplifying authentication and consent, thereby bolstering user confidence in financial transactions. Yousif AlNefaiei, Deputy Chief Executive for Business Development & Services at BENEFIT, remarked, “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 involvement in this partnership focuses on interconnecting banks and fintechs, thereby improving access to financial services for consumers. The open banking technology developed by Tarabut aims to offer faster, more affordable financial services. Abdulla Almoayed, the Founder and CEO of Tarabut, noted, “This partnership represents a pivotal moment for Open Banking in Bahrain and beyond... Together, we’re making financial services faster, more secure, and more accessible for all."
With the integration of BenefitPay, Bahrain’s national electronic wallet, customers can effortlessly authenticate their transactions, streamlining connections between consumers and their respective banks. The centralised authentication process marks a leap forward in consumer trust and positions Bahrain as a leader in the realm of digital banking innovations.
FLOOSS is set to transform customer experiences with this new centralisation of authentication and consent. Utilizing the BenefitPay service, FLOOSS customers can quickly select their preferred bank within the app, selecting their salary account for secure authentication. FLOOSS CEO Fawaz Ghazal stated, “This streamlined approach is a huge leap forward for our customers. 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 collaborative effort not only highlights Bahrain's technological advancements in open banking but also serves as a testament to the potential benefits that can emerge when key industry players align their objectives to foster innovation and improve consumer convenience. As the region observes these developments, Bahrain’s latest achievement may set the benchmark for future financial technologies and industry standards across MENA and beyond.
Source: Noah Wire Services