Central Bank of Bahrain and the BENEFIT company launch the electronic fund transfer system in Bahrain

Central Bank of Bahrain and the BENEFIT company launch the electronic fund transfer system in Bahrain

The Central Bank of Bahrain , in cooperation with the BENEFIT Company, has officially launched the Electronic Fund Transfer System in Bahrain. The service, which officially debuted on the 5th of November, was announced to esteemed members of the press and guests at a press conference held on Sunday the 13th of December at the Gulf Hotel.

The Electronic Fund Transfer System, or E.F.T.S, is a highly anticipated combination of services aimed at improving the efficiency and usability of different financial processes. The CBB, BENEFIT , and retail banks have worked tire lessly over the past months to provide a revolutionary system to individuals, public sector, private sector and government entities that will compete on a global level.

The E.F.T.S is an electronic system that interconnects all retail banks in Bahrain with each other and major billers in the Kingdom in order to enhance the efficiency of fund transfers and bill payments. The system will enable banks, individuals, corporations, and government sectors to benefit from the renovated accessibility and ease of retail banking. E.F.T.S will enhance and streamline the movement of funds in Bahrain across all sectors which, in turn, will promote a more proactive and forward-thinking banking sector. This system is comprised of the Central Bank of Bahrain , the BENEFITS Company and retail banks across the Kingdom.

The E.F.T.S encapsulates three distinct services that work to provide a transformation of outdated banking processes for the convenience of all types of consumers in the country. This revamped interconnecting network will put Bahrain on the proverbial financial map. The first service, Fawri+, is an almost real-time fund transfer service which allows individuals or entities to transfer funds of up to BD 1,000 per day in less than 30 seconds.

The system is active 24 hours a day, seven days a week, 365 days a year. Fawri, the second service, is a deferred settlement fund transfer service which allows individuals or entities to transfer any amount of money within just a few hours of the business day. Finally, Fawateer, the third service, aggregates bills from multiple billers and presents those bills to the individuals or entities in a single interface. Fawateer provides real-time bill payments that can easily be settled within 30 seconds.

The combined services will offer the public easier access, faster processand virtually no mistakes.  The service, from a wider perspective, reinvents the way the Bahraini financial sector operates and will ultimately save time for both bank employees as well as end users.

Due to the groundbreaking news, members of the press as well as CBB and representatives from the banking sector attended the press conference to witness the launch first-hand. Among CBB was Ahmed Buhijji, Director of Banking Services at the Central Bank of Bahrain . He was incredibly proud to present such a useful and highly sought tool to Bahrain. “The introduction of this invaluable system is a big step forward in achieving Bahrain’s 2030 vision,” said Buhijji. “In collaboration with the BENEFIT company and retail banks, we were able to produce a groundbreaking tool for the convenience of the private and public sectors.”

Mr. Abdul-Wahid Janahi, CEO of the BENEFIT Company. “It is such an honor and privilege to work in collaboration with the esteemed Central Bank of Bahrain and retail banks to present to the public sector, private sector and government entities the long-awaited Electronic Fund Transfer System,” said Janahi. “We are so grateful for the opportunity to contribute to the financial development and economic prosperity of the Kingdom of Bahrain.”

Individuals will be able to use the E.F.T.S by visiting banks’ branches in addition to online mediums including mobile banking and internet banking.

Mr. Janahi added, ” BENEFIT would like to invite the public to benefit from Fawri+ transfers where customers can instantly transfer any amount from BHD 100 and less free of charge, and any Fawri+ transfer above BHD 100 till BHD 1000 for a fee of BHD 0.100 only compared to the current fees that may go to BHD 3 or even higher. BENEFIT would also like to encourage the public to take advantage of Fawri transfers that enables all customers individuals, corporate, and government entities to transfer any amount with few hours for only BHD 0.100.”

” BENEFIT would like to take this opportunity to invite all corporations, business, and government entities to join Fawateer. Fawateer enables any entity in Bahrain to accept and process online payments of any outstanding bill or fee. Such shall drastically enhance the efficiency of payments collection across all sectors through Fawateers value adding services. Fawateer enables any entity with outstanding bills and fees to be paid to connect to EFTS and have access to all retail banks channels such as branches, internet banking, and mobile banking.

In addition to bill payment, Fawateer enables such entities to automate the collection through utilizing the direct debit service. Direct Debit regulates payments and enables billing entities to debit their customers’ accounts directly without the need for the customer to come to their branches or initiate the payments. All of which are provided free of charge to the end customer and with a reasonable fee to billing entities.”