The BENEFIT Company was formed to enable the financial sector in Bahrain to forge strong and lasting connections with their customers from across a wide geographical base. And also, help steer these connections towards enriching the value quotient in all of their interactions with member banks and other stakeholders.
As the key conduit for all electronic financial transactions throughout Bahrain, BENEFIT’s success has been made possible through a combination of skilled workforce, cutting edge technology, focused strategic planning and initiatives, and determination to provide the most modern financial service for those residing in Bahrain.
BENEFIT was established in November 1997 by 17 commercial banks as the National ATM and Point of Sale switch of Bahrain. It was initially licensed by the Central Bank of Bahrain (CBB) to be ‘the provider of ancillary services for the financial sector,’ and soon expanded to cover markets outside Bahrain. The company’s mandate was very simple – to improve, to enhance, to add value and to enable the local and regional financial industry to thrive on a global scale.
BENEFIT’s range of services include operating of Automated Teller Machines (ATM), Point of Sale (POS), GCCNet supported by the GCC countries within the region connecting all ATMs and POS in the gulf, the GCCNet Dispute Management System, Credit Reference Bureau (CRB) for corporate and individuals customers, Telecom Bill Payment (Tele BP), Direct Debit (DD), Payment Gateway (PG), Internet Banking (IB), Bahrain Cheque Truncation System (BCTS) and Amex Cards withdrawal. In addition to varieties of outsourcing services offerings to local and region markets related to bank’s ATM processing, bank’s POS processing and Cards issuing and management through BENEFIT’s subsidiary “ SINNAD”.
BENEFIT remains committed to strengthen Bahrain’s position as the financial hub of the region. And hence continues to provide robust infrastructural support for the financial industry – enabling the banking community to seamlessly connect with their customers and help them achieve their goals.
At the heart of BENEFIT’s success story is the contribution of its highly qualified staff – majority of whom are Bahraini. Once again, highlighting the triumph of the company’s Bahrainisation policies and the world class talent available amongst young Bahrainis.
BENEFIT is administered by a Board of Directors who represents the shareholders. The company’s paid-up capital is to the value of BD 3.1 million (US$ 8.2 million approx.).
The original 17 shareholders have now become 14 as a result of mergers and acquisitions in the retail banking sector.
- National Bank of Bahrain
- Bank of Bahrain and Kuwait
- Ahli United Bank
- Standard Chartered Bank
- Bahrain Islamic Bank
- Alsalam Bank
- BMI Bank
- Arab Bank
- Future Bank
- Ithmaar Bank
- Habib Bank
- United Bank Limited