BENEFIT launches the Electronic Fund Transfer System (EFTS)
BENEFIT company in coordination with Central Bank of Bahrain and with cooperation of all commercial banks has launched today the 5th of November,2015 the Electronic Fund Transfer System (EFTS) operation in the Kingdom of Bahrain so that banks can conduct various financial transfers and payments from different channels of communication either through branches, Internet banking, or mobile banking.
Mr. Abdulwahid Janahi stated - CEO BENEFIT: "electronic fund transfer system is an integrated electronic system linking all commercial banks and large institutions from the public and the private sector is also a quantum leap characteristic of electronic transfers and payments infrastructure in Kingdom of Bahrain where it will reduce the duration time of the process of electronic transfers and payments types to an immediate transaction processing, flexible and secure with no more than 30 seconds or deferred depending on the customer's desire."
As explained by Mr. Abdulwahid Janahi: " through this EFTS system, the customers can take advantage of the three main services, the first service is immediate (Fawri+) which features to complete the process within just 30 seconds of any bank account to any another bank account In kingdom of Bahrain, the amount of transfer does not exceed 1,000 dinars per day and per transaction for each bank account. Bank's system will also be sending an sms text message instantly via mobile phone to the sender of the amount and the beneficiary. The second service is the immediate transfer (Fawri) which features to complete the process of transfer of any bank account to any other bank in the kingdom of Bahrain within a few hours of the official working hours, whether it is for a single transfer or bulk transfers with large numbers of transaction such as payment of salaries, and this service can be used for public and private sector as well as other types of payments' transfers including direct debit. The third service is billing service (Fawateer), a one stop system that allows the bank to offer a customer’s inquiry and payment of bills of more than one Billers in Bahrain, directly and through a single click. All banks' customers will benefit from this service for multiple bills inquiries of their bills and do an-immediate payments; which mayl encourage bills originators in the public and private sectors to subscribe to this service.
Mr. Abdulwahid Janahi stressed that "the Central Bank of Bahrain support of the ongoing development stages of the project and its continuous follow-up has contributed to the successful completion of this project. Thanks and appreciation also go to all commercial banks in the kingdom of Bahrain for their cooperation with us."