(MENAFN- Mid-East.Info)
Manama, Bahrain: Tarabut Gateway, MENA's largest Open Banking platform, has today announced a partnership with Zain Bahrain to provide the region's first use case of Open Banking payments within a telco app. This pioneering alignment is the first time a regional telecom provider has used Open Banking to power its payments.
Zain Bahrain, a telecommunications industry innovator across MENA has become the first telecommunication provider to embrace Open Banking payments, thus solidifying their position as one of the leading telecom providers in the region. For Zain Bahrain, the benefits include the ability to accept bank-to-bank payments where funds get credited in real-time avoiding long settlement periods; robust security through strong customer authentication processes (no card numbers are saved, reducing the risk of fraud); reduced transactional fees or the risk of chargebacks for customer payments compared to card processing or payment gateways.
For Zain Bahrain's customers, Open Banking payments provide increased convenience as there is no need to input debit card or credit card details. Customers also benefit from the payment journey remaining within the Zain Bahrain app, delivering a faster, easier, and enhanced experience.
Mohammed Al Alawi, Director, Business Planning & Analytics at Zain Bahrain said ,“At Zain Bahrain, we continuously adopt new technologies to improve services for our customers. Through our alignment with Tarabut Gateway, bank-to-bank payments can now be made within our native app, which is a first-of-its-kind in the region.” He further added,“National Bank of Bahrain (NBB), ILA and Khaleeji Commercial Bank (KHBC) are currently live on the app and we will continue to further tie-up with banks and add them to the app in the future.”
Abdulla Almoayed, CEO and founder of Tarabut Gateway said, “Our partnership with Zain Bahrain provides telco users with a new, better way to pay. Open Banking allows a fast, easy, and secure method for payment and a seamless experience for customers. This collaboration ushers in a new era of partnership between Fintechs and telcos in the MENA region, setting groundbreaking and innovative industry standards. Through collaborations such as this, we aim to provide the most cost effective payment rails for merchants in the region, at significantly reduced fees compared to traditional payment networks and more secure than card payments.”
About Tarabut Gateway :
Tarabut Gateway is the MENA region's first and largest regulated open banking platform, that connects a regional network of banks and FinTechs via a universal application programming interface (API). By offering tools that allow the facilitation and distribution of personalized financial services, Tarabut Gateway enables financial institutions to build a new world of financial services in MENA.
With offices across Bahrain, UAE and United Kingdom, Tarabut Gateway went live with its API infrastructure in December 2019, and is already a dedicated technology partner for the leading banks in Bahrain. In October 2020, Tarabut Gateway expanded its presence in MENA, establishing offices in Abu Dhabi and Dubai. In May 2021, Tarabut Gateway and Riyad Bank agreed to collaborate on development of an open innovation platform in the Kingdom of Saudi Arabia.
The business is led by Abdulla Almoayed, CEO and founder of Tarabut Gateway, who has over 15 years of investment experience across various sectors, especially focusing on digital transformation of the MENA region. He is a strong advocate for putting data ownership into the hands of the consumer and increasing access to financial services through emerging technologies.
About Zain Bahrain:
Zain Bahrain, a telecommunications industry innovator focused on enhancing customer experience, was awarded a mobile telecom license on 22 April 2003 and commenced commercial operations on 28 December 2003. The operation promptly placed Bahrain on the world telecom map through the introduction of many mobile technology innovations that continue to this day with nationwide high-speed 4G LTE and 5G services being offered through the Kingdom's most advanced mobile network. Zain Bahrain, listed on the Bahrain Bourse (Ticker: ZAINBH), is part of Zain Group, a leading telecommunications operator across the Middle East and Africa, which provides mobile voice and data services to 48.5 million active customers as at 31 March, 2021. With a commercial presence in seven countries, Zain operates in Kuwait, Bahrain, Iraq, Jordan, Saudi Arabia, Sudan, and South Sudan. In Morocco, Zain has a 15.5% stake in 'INWI,' through a joint venture.
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