A first-of-its-kind partnership introduces centralized open banking authentication in Bahrain, creating a seamless, secure experience for consumers and setting new global standards in digital financial services.

Manama, Kingdom of Bahrain – 26/11/2024: In a groundbreaking partnership, BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, and Tarabut have joined forces to introduce the first innovation-led, centralised open banking authentication solution in Bahrain. This pioneering technology allows consumers to access financial services with unprecedented ease, providing a seamless, app-to-app experience that eliminates multiple authentication steps. FLOOSS, Bahrain’s pioneering, first digital financing service provider, is the first to leverage this innovation, empowering its users with faster, more secure loan approvals powered by BENEFIT’s centralised authenticator platform – putting Bahrain at the forefront in open banking innovation as this partnership represents a unique milestone, globally.

This collaboration builds on Tarabut’s role as the MENA region’s leading open banking platform, connecting banks and fintechs to make financial services better, faster and more accessible to consumers. With BenefitPay, Bahrain’s national electronic wallet, as the trusted authenticator, the initiative simplifies the connection between consumers and their banks, delivering a unified, secure experience that cements Bahrain’s position at the forefront of digital innovation in financial services. This milestone is also a powerful example of “Team Bahrain” in action, demonstrating how local synergies and expertise can drive ecosystem-wide benefits.

The BENEFIT Company: Empowering Bahrain’s Open Banking Ecosystem

BENEFIT’s role as the primary authenticator for Open Banking transactions solidifies its leadership position in Bahrain’s financial ecosystem. By simplifying authentication and consent, Benefit empowers users and fosters trust, underscoring its commitment to innovation and ecosystem growth that benefits the entire local landscape.

Commenting on this milestone Mr. Yousif AlNefaiei, Deputy Chief Executive – Business Development & Services 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: Connecting the Dots in Bahrain’s Open Banking Revolution

At the heart of this partnership, Tarabut connects all parties, leveraging its cutting-edge technology to enhance accessibility, speed, and affordability in financial services. Tarabut’s API-driven platform empowers Bahrain’s Open Banking network, showcasing a model for the wider region of how local synergy and innovation can drive a connected financial ecosystem focused on consumer needs.

“This partnership represents a pivotal moment for Open Banking in Bahrain and beyond,” said Mr. Abdulla Almoayed, Founder and CEO of Tarabut. “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.”

FLOOSS: Transforming Customer Experiences with Centralised Authentication

With this new functionality, FLOOSS customers will experience a streamlined financing product journey in only a few seconds and with no manual processes. Customers can select their preferred bank in the FLOOSS app then, with BenefitPay as their secure authentication method, customers will identify their salary account within BenefitPay. This creates a fast, secure and efficient user experience. As the first centralized open banking authentication and consent solution worldwide, this approach sets new industry standards, enhancing consumer trust and positioning Bahrain as a leader in digital banking innovation.

“This streamlined approach is a huge leap forward for our customers,” said FLOOSS CEO, Mr. 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.”

This partnership not only highlights Bahrain’s leadership in Open Banking innovation but also sets a powerful example of what’s possible when industry leaders unite to bring meaningful advancements to consumers across the region.