Faraboom

Faraboom was established in June 2019, specializing in the emerging Open API paradigm, particularly in the banking and payment sectors under the concept of Open Banking. This paradigm enables banks, through software development interfaces, to allow third-party companies or individual applications to offer services to their mutual customers.
Faraboom operates as a platform that provides various banking services from multiple banks to numerous businesses and applications in demand for them. Essentially, Faraboom facilitates banking “everywhere” rather than confining it to banks, creating a sustainable win-win-win balance for banks, third-party developers, and shared customers.
In summary, Faraboom is an open banking platform that has successfully simplified complexities and established itself as one of the largest providers of open banking services in the country. It achieves this by providing a secure and risk-managed infrastructure, aggregating services from 24 banks and financial institutions, and catering to over 400 clients.
Integrated with the most popular applications and PSPs (Payment Service Providers), Faraboom offers more than 200 standardized API services as high-quality solutions for various businesses.
Faraboom technology and infrastructure empower customers with a seamless and real-time platform that is flexible to changes and responsive to environmental demands and innovations. With over a decade of experience in open banking, Faraboom counts Bank Melli, Bank Mellat, Bank Tejarat, Bank of Industry and Mine, and Tosan as its key shareholders.