BENEFIT & Tarabut launch open banking authentication solution in Bahrain

By Gloria Methri

Bahraini FinTech BENEFIT has partnered with software provider Tarabut Gateway to roll out a new centralised open banking authentication solution in the country.  This technology allows consumers to access financial services with ease, providing a seamless, app-to-app experience that eliminates multiple authentication steps.

FLOOSS, a digital financing service provider in Bahrain, is the first to leverage this innovation. It offers its users faster, more secure loan approvals powered by the new authenticator platform.

With BenefitPay, Bahrain’s national electronic wallet, as the authenticator, the initiative simplifies the connection between consumers and their banks, delivering a unified and secure experience.

Yousif AlNefaiei, Deputy Chief Executive of Business Development and 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 connects all parties, leveraging its technology to enhance accessibility, speed, and affordability in financial services. Its 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 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 are 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.”

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, and then, with BenefitPay as their secure authentication method, will identify their salary account within BenefitPay.