Token accelerates Open Banking in Bahrain

Token is represented by Tarabut Gateway, a subsidiary of Almoayed Technologies licensed by the Central Bank of Bahrain (CBB).

This step comes in line with KHCB’s strategy to embrace and collaborate with fintech companies in compliance with the instructions of the Central Bank of Bahrain (CBB) to enable new services to be provided to its customers in Bahrain and the wider region.

By applying the system, the bank is setting the required foundation to develop its open banking services with high speed and efficiency. In an era of open banking, this platform will provide a developer friendly environment enabling KHCB to work with the widest range of international fintechs, delivering to its clients additional services through its banking platform, including account aggregation, personal financial management tools, and many others.

Token’s open banking platform helps banks achieve PSD2 compliance and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.

Token is authorised as an AISP and as a PISP by the FCA in the UK and has passporting rights in an additional 20 countries.