MENA-based Open Banking platform Tarabut has joined forces with Bahrain’s financial network BENEFIT and digital financing provider FLOOSS to introduce a centralised Open Banking authentication and consent solution.
The collaboration streamlines financial service access by enabling app-to-app experiences with fewer authentication steps. FLOOSS, the first to adopt this innovation, now offers faster and more secure loan approvals powered by BENEFIT’s trusted centralised authenticator platform.
BenefitPay, Bahrain’s national electronic wallet, plays a pivotal role as the trusted authenticator, simplifying connectivity between consumers and their banks.
Yousif AlNefaiei, deputy chief executive at BENEFIT, said: “This partnership reinforces Bahrain’s leadership in Open Banking by delivering secure and user-focused financial solutions.”
Tarabut CEO Abdulla Almoayed called it “a pivotal moment” for Bahrain’s Open Banking evolution, adding: “We’re combining Benefit’s infrastructure, FLOOSS’s lending model, and Tarabut’s technology to make financial services faster, secure, and accessible.”
The new solution allows FLOOSS users to select their bank within the app, securely authenticate through BenefitPay, and identify their salary account, resulting in an instant financing journey.
Fawaz Ghazal, CEO of FLOOSS, said: “This integration delivers a seamless, instant lending experience that redefines digital finance, eliminating manual processes while raising service standards in the market.”
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