The largest Open Banking platform in MENA, Tarabut, partners with BENEFIT Bahrain-based Leading FinTech to Enhance Customer Experience and elevate Innovation

Tarabut, MENA’s first and largest Open Banking platform, today announces its partnership with BENEFIT, Bahrain’s leading FinTech company and the national electronic payment infrastructure operator, introducing a new consent authentication method to streamline Bahrain’s Open Banking ecosystem.

Through Tarabut’s advanced Identity Verification product, and regulator-approved application programming interface (API), BENEFIT users can consent to accessing Open Banking services directly in the BENEFIT app and others.

The partnership will enhance customer experience by eliminating the scattered customer journeys typified by the need to switch between notifications and bank apps. The Tarabut-BENEFIT collaboration paves the way for a cohesive, enhanced experience, poised to significantly boost user conversions. The integration includes app-to-app deep linking, improving the authentication model for users in Bahrain to quickly link their bank accounts, regardless of the bank. This alliance ensures consistent access to a wider range of financial products, fostering competition and enhancing experiences across all financial services in Bahrain.

Tarabut Founder & CEO, Abdulla Almoayed says about the partnership, “This partnership leverages Tarabut’s extensive experience and pre-existing integrations, combined with BENEFIT’s widespread adoption and transactional capabilities, to create a synergy that pushes the whole ecosystem forward. What truly defines our integration is the shared capability to not just adapt to the Open Banking evolution, but to lead it for the Kingdom as a whole. By leveraging our resources and expertise, we have developed a groundbreaking solution that sets a new standard, ensuring unparalleled sophistication and user-centric design unmatched by any other offering in the region.”

Abdulwahed AlJanahi, Chief Executive at BENEFIT says about the partnership: “Our partnership with Tarabut is instrumental in unlocking the full potential of Bahrain’s Open Banking landscape. By simplifying financial connectivity and harmonizing user journeys, we’re forging a enhanced experience that sets new standards. This milestone underscores our mutual dedication to bolstering Bahrain’s stature as a pivotal FinTech hub within the region, aligning closely with the national drive towards digital transformation and emergent technologies.” AlJanahi added: “This is part of our solid commitment toward paving the way for innovation in the sector”.

Yousif AlNefaie, Deputy Chief Executive of BENEFIT, says: “This strategic partnership with Tarabut represents a paradigm shift in Bahrain’s Open Banking landscape. By seamlessly integrating our platforms, we’re not just redefining user experiences; we’re pioneering a new era of financial connectivity. This is yet another testament to our shared commitment to advancing Bahrain’s financial ecosystem and propelling it to unprecedented heights.” Moreover;” This is a key strategic direction for us and goes in line with the national directions as the financial sector continues to be a remarkable contributor to the economy”.

With the vast number of users, licensing from the Central Bank of Bahrain, and support from some of the top banks in the country, BENEFIT has emerged as a cornerstone in Bahrain’s FinTech and Open Banking scene. Elevating this partnership is a crucial step in building customer trust and driving increased adoption and conversion rates within the Open Banking ecosystem. The Tarabut-BENEFIT collaboration paves the way for a cohesive, enhanced experience, poised to significantly boost user activity.

This strategic initiative empowers consumers to select banking services and tools tailored to their preferences, fostering a more inclusive financial ecosystem within the country. This shift holds the potential to significantly improve the financial well-being of millions, representing a development of crucial importance extending well beyond the realm of Tarabut.

About Tarabut

Tarabut is the MENA region’s first and largest regulated Open Banking platform, connecting a regional network of banks and FinTechs through a universal API. By offering tools that facilitate and distribute personalised financial services, Tarabut enables financial institutions to build a new world of financial services in the MENA region.

With its license from the Central Bank of Bahrain and its offices in Bahrain, Saudi Arabia, and the UAE, Tarabut launched its API infrastructure in December 2019 and has already become a dedicated technology partner for leading banks in Bahrain. In October 2020, Tarabut expanded its presence in the MENA region, opening offices in Abu Dhabi and Dubai. In April 2022, Tarabut became the first Open Banking platform to secure AIS (account information services) and PIS (payment initiation services) Category 4 licenses from the Dubai Financial Services Authority (DFSA). In 2022, the Saudi Central Bank (SAMA) included Tarabut as one of the first participants in its Regulatory Sandbox.

In May 2023, Tarabut successfully completed a $32 million Series A fundraise, led by Pinnacle Capital and supported by Visa, Tiger Global, and Aljazira Capital.

For more information, please visit: www.tarabut.com

About BENEFIT

BENEFIT was established in 1997 and is licensed by the Central Bank of Bahrain (CBB) as an ancillary service provider to the Kingdom’s financial services industry. BENEFIT is owned by Banks in Bahrain, regulated by the CBB, to provide innovative Payment Capabilities, Information Management Solutions, and Business Process Outsourcing Services across different sectors in the Kingdom of Bahrain and the Region.

BENEFIT’s range of services – supported by GCCNet in countries within the region – include operating of Automated Teller Machines (ATM), Point of Sale (POS), GCCNet, The GCCNet Dispute Management System, Credit Reference Bureau (CRB), Telecom Bill Payment (Tele BP), Direct Debit (DD), Payment Gateway (PG), Bahrain Cheque Truncation System (BCTS), Amex Cards withdrawal, eCheque, EFTs, national eWallet (BENEFITPay) and national eKYC Platform for the financial sectors, Bahrain Electronic Cheque, Wages Protection System, and Trust Services for digital signatures

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