Tarabut and BENEFIT Reshape Bahrain's Financial Landscape with Open Banking Integration
Tarabut, MENA's first and largest Open Banking platform, announced 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 the 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's leadership emphasized the initiative "sets a new standard, ensuring unparalleled sophistication and user-centric design" across the region. BENEFIT's executives highlighted that this partnership "unlocks the full potential of Bahrain's Open Banking landscape" while advancing national digital transformation objectives and solidifying Bahrain's status as a regional FinTech hub.
