MENA’s largest Open Banking platform Tarabut Gateway has announced a partnership with Zain Bahrain to provide the region’s first use case of Open Banking payments within a telco app.
This will be the first time a regional telecom provider has used open banking to support its payments. National Bank of Bahrain (NBB), ILA, and Khaleeji Commercial Bank (KHBC) are currently live on the telecom company’s app.
The benefits for Zain Bahrain include the ability to accept bank-to-bank payments where funds are credited instantly; strong customer authentication with no card numbers saved; lower transactional fees and no chargebacks for customer payment.
"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," said a press release.
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.”