Rain partners Tarabut Gateway for open banking API
Middle Eastern crypto platform Rain has partnered up with open banking firm Tarabut Gateway to streamline fiat-to-crypto transactions for customers in Bahrain.
With the collaboration, Rain customers will be able to top up their crypto wallets directly via bank transfer from within the Rain app.
Rain will make use of Tarabut Gateway’s open banking API to facilitate on and off-ramp transactions for users. The firms claim this will “dramatically” increase the speed of transfers and reduce the number of errors seen with traditional wire transfers.
Tarabut Gateway first went live with its API infrastructure in 2019. In 2022, it became the first open banking platform to secure AIS (account information services) and PIS (payment initiation services) licences from the Dubai Financial Services Authority (DFSA). It has offices in Bahrain, UAE and South Africa.
Rain was founded in 2017 and enables users to buy, sell and store crypto assets. In 2019, it became the first licenced crypto-asset service provider in the Middle East, securing authorisation from the Central Bank of Bahrain.