Bahrain’s Labour Fund Tamkeen has launched an International Bank Account Number (IBAN) verification service in collaboration with Tarabut Gateway, a leading open banking solutions platform, to facilitate transactions for individual and enterprise beneficiaries of Tamkeen services.
In line with its commitment to harnessing operational innovations and enhancing productivity and development through partnerships with the private sector, Tamkeen became the first governmental entity to collaborate with Tarabut.
By leveraging Tarabut's advanced technology, Tamkeen ensures a robust solution that minimises potential transaction issues. The service eliminates the need to attach certificates manually, allowing customers to effortlessly validate their IBANs, while saving time, reducing errors, and ensuring seamless payments, a statement said.
Tamkeen’s Chief Technology Officer Najma Al Wadi said: "Tamkeen is constantly looking for new ways to add value to the services we offer our beneficiaries, including individuals and enterprises. Our strategic partnership with Tarabut Gateway demonstrates Tamkeen's commitment to fostering digital transformation in government services and leveraging advanced technological know-how in delivering innovative and user-friendly solutions. This allows us to provide a more efficient and exceptional customer experience. We are also currently developing another initiative in partnership with Tarabut to verify wage support transfers, which will help facilitate transfers more effectively.”
Tarabut Founder and CEO, Abdulla Almoayed, added: "We are delighted to join forces with Tamkeen and support their vision for fostering the digital transformation of government services. Tamkeen's dedication to embracing technology aligns perfectly with our mission to empower enterprises and individuals through advanced digital solutions. We are confident that this new service will be welcomed by all users, making Tamkeen services more efficient and accessible to all."
This initiative is in line with Tamkeen’s 2024 strategic priorities focused on economic impact and the private sector under three pillars -- increasing economic participation through employment opportunities for new entrants, expanding career development opportunities available to the Bahraini workforce, and further developing the private sector by supporting enterprises and boosting productivity and the adoption of technology, it said.