Tarabut and BENEFIT form Open Banking partnership in Bahrain

Tarabut, an Open Banking platform in the MENA region, has unveiled its collaboration with BENEFIT, a Bahraini fintech company and the operator of the national electronic payment infrastructure. Together they introduce a novel consent authentication method aimed at enhancing efficiency within Bahrain's Open Banking ecosystem.

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

Enabling a more cohesive banking experience

The collaboration between Tarabut and BENEFIT aims to streamline customer experiences by eliminating fragmented journeys involving switching between notifications and bank apps, ultimately enhancing cohesion and increasing 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.

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.

Promoting consumer choice and financial inclusion

This strategic initiative enables 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 significant importance extending well beyond the realm of Tarabut.

Executives from Tarabut said this partnership leverages their 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. By using their resources and expertise, they have developed an innovative solution that sets a new standard, ensuring augmented sophistication and user-centric design.

Also commenting on the partnership, officials from BENEFIT said their partnership with Tarabut is instrumental in unlocking the full potential of Bahrain's Open Banking landscape. By simplifying financial connectivity and harmonising user journeys, they're forging an enhanced experience that sets new standards. This milestone underscores their 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.