Central Bank of Bahrain Assigns BENEFIT To Operator of The Electronic Fund Transfer System of Bahrain
The BENEFIT Company, since its establishment has a focused vision of providing value adding services to Bahrain and its Financial Industry. It has been successful in providing the community with value adding services such as ATM, POS, Payment Gateway, Direct Debit, CRB, and BCTS. Such has enabled the Company to attain a distinctive position in the Financial Industry. Such position would have not been attainable if it was not for the support and trust of Central Bank of Bahrain (CBB) and all clients’ member banks.
As another extension of its unique services, the BNENEFIT Company is pleased to announce that CBB has assigned it to become the provider and operator of Bahrain’s National Electronic Fund Transfer System (EFTS) in Feb 2014. The EFTS service is a national system providing three fundamental services which are local fund transfer, bulk payments such as direct debit and direct credit, and Electronic Bill Payment Presentment (EBPP). The project implementation has started already and it is expected to go live in August 2015.
The EFTS is an important strategic service to CBB, BENEFIT, Banks, and the entire community; whereas it shall bring in great advantages and benefits. The EFTS shall significantly enhance the efficiency of the money cycle in the country through providing faster, cheaper, and more convenient means of payments of the banks of Bahrain and their customers (individual and corporate). The EFTS shall provide a rich diversity of payments and financial transaction services that shall empower the Banks and Customers. Such diverse services include bulk payment, bill payments, instant local transfer, salaries and many more all of which will be integrated with the banks existing delivery channels such as ATM, Internet and Mobile Banking, branches, etc. The EFTS system shall transform the business processes of the financial transactions between the Banks and the customers (especially corporate) to improve the efficiency of the transaction flow minimizing efforts, time, and money. Another important service the EFTS will offer is the EBPP where it shall integrate all major billers in one system. Providing such comprehensive payment system in Bahrain shall strategically position the country as a leader in real time payment systems and a main financial hub with solid infrastructure of foreign investment.