Batelco Signs Strategic Collaboration with BENEFIT
Batelco, Bahrain’s leading digital solutions provider has taken a step forward as part of its digitisation plans by entering into a Collaboration agreement with BENEFIT, the Kingdom’s National ATM and POS switch, Bahrain Cheque Truncation and Electronic Fund Transfer Service processor. The collaboration has facilitated the development of a state-of-the-art communication network to service the banking sector via BENEFIT services offered to banks and other financial and non-financial institutions.
The strategic collaboration places Batelco as a backbone partner facilitating the network infrastructure and business continuity and disaster recovery site for BENEFIT's major services such as Bahrain cheque truncation system (BCTS), the National ATM and POS switch and recently the Electronic Funds Transfer System (EFTS).
The Collaboration deal was sealed through the signing of an agreement at a meeting held at Benefit’s premises in NBB Tower on Sunday 31st January, 2016. Batelco Bahrain CEO Muna Al Hashemi and Benefit CEO Abdulwahed Janahi signed the collaboration agreement in the presence of other officials from both organisations.
The Electronic Fund Transfer System (EFTS) is a national project appointed to the BENFEIT Company by the Central Bank of Bahrain, which will connect all retail banks and community Billers in Bahrain and enhance the efficiency of fund transfers and bill presentments and payments; enabling banks, individuals, corporate and Government entities to benefit from this vital and important national project.
These new services, launched in November 2015 by BENEFIT in cooperation with the Central Bank of Bahrain and in collaboration with all commercial banks and major billers, will serve various bank channels, such as branches, internet banking, and mobile banking. The EFTS will enhance and streamline the movement of funds and bill payments in Bahrain across all sectors promoting a more efficient and proactive banking sector.
In line with the Agreement Batelco will be integrated into the EFTS system via "Fawateer" service to enable their customers to view and pay their Batelco bills in a much more efficient, faster and enhanced manner. Additionally, all Batelco bill collections and voucher sales generating within Bank branches, on-line banking websites and banking mobile applications will be processed electronically with electronic transfers of funds to the Batelco account. Banks that currently do not provide Batelco bill payment services will now be in a position to do so by joining the EFTS service.
Mrs. Al Hashemi said that Batelco is very pleased to sign the strategic collaboration with BENEFIT to streamline and enhance payment options for Batelco’s customers and also to focus efforts in developing world class networking services for the banking sector.
“The strategic collaboration is set to add value for both organisations and we look forward to working closely with BENEFIT for the good of our customers and also to strengthening our relationship with BENEFIT going forward,” Mrs. Al Hashemi added.
Mr. Janahi stated that BENEFIT was delighted to enter into a strategic collaboration with Bahrain’s leading communications solutions provider, Batelco.
“The launch of the EFTS service a few months ago was a quantum leap for financial services in Bahrain. EFTS will reduce the duration time of the process of electronic transfers and payment types to an immediate transaction that is flexible and secure, taking no more than 30 seconds, or with the transaction deferred depending on the customer's needs.”
Batelco continuously strives to meet all communication requirements for the business sector and consumer segments via its comprehensive portfolio of digital solutions and services.