MANAMA: The Kingdom of Bahrain, the home of over 400 financial institutions will see the implementation of another strategic service called the Electronic Fund Transfer System (EFTS) service by August this year, according to BENEFT Co. CEO.
“The service to be up and running by August this year, shall automate the fund transfer and payments in the Kingdom of Bahrain, which will drastically improve the competence and speed of the cash flow in the Kingdom,” Abdulwahid A Janahi, CEO BENEFIT Company on the sidelines of the AGM told The24X7NewsBahrain (www.twentyfoursevennews.com).
Accordingly, he said, the service shall provide banks, government entities, businesses and individuals a healthy economy and empower payment tools to develop further.
The Electronic Fund Transfer System (EFTS) is a national project that will have an impact on all individuals and sectors in Bahrain and we are eager to start the project with Central Bank of Bahrain (CBB) and member banks. Another service that BENEFIT will closely look into is the Electronic Bill Payment Presentment [EBPP]. The Electronic Bill Payment Presentment (EBPP) shall present, aggregate and automate the payment of most bills issued. Such bills include utilities, fines, instalments and many more. This service shall provide considerable advantages to banks, bill originators and end customers.
Moreover, BENEFIT will launch in the first quarter of 2015 the link to the International scheme called Japanese Card Bureau.
“Another major project BENEFIT will be focusing on is the integration and the implementation of sharing credit bureau data across the GCC. The project is going to be implemented in two phases, and it is expected to be launched by end of Quarter 4. Besides that a new Credit Bureau system will also be introduced to more than 40 members in the second half of 2015.
“Furthermore, the Bahrain Credit Reference Bureau has implemented the new risk management reporting system “Taqareer”, which is expected to be launched in Quarter 1, 2015. The Credit Bureau has defined the requirements of the new Bureau system which is expected to be launched in 2015. This will also cater to the Insurance Risk Management Bureau which will be developed with the cooperation of the Bahrain Insurance Association during 2015.
“BENEFIT will continue to further develop the electronic transactions growth and efficiency, and maintain a mutually beneficial relationship with its Member banks, clients, the Regulator and its shareholders.
“On behalf of the shareholders, the Directors and executive management I take this opportunity to express their gratitude and sincere appreciation to His Majesty King Hamad bin Isa Al Khalifa – the King of Bahrain, to His Royal Highness Shaikh Khalifa bin Salman Al Khalifa – the Prime Minister, to His Royal Highness Shaikh Salman bin Hamad Al Khalifa – the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, Government ministries and institutions and the Central Bank of Bahrain, for their guidance, kind consideration and support.”