Total EFTS transfers exceeded 13 million transactions per month:

BENEFIT ANNOUNCES A 1.6 MILLION INVESTMENT  IN DEVELOPING UPGRADED ELECTRONIC MONEY TRANSFER SYSTEM

 

The kingdom’s leading regional player in electronic financial transactions; BENEFIT upgrades its entire Electronic Funds Transfer System (EFTS) with an investment of BHD 1.6 million to meet the increasing usage and growth demand for the system’s services within the Kingdom. The system has been upgraded across all levels, and was officially launched on Friday, November 19th. This reflects BENEFIT’s commitment to continuously develop and provide advanced solutions in line with the company’s future initiatives and new strategic direction.

The EFTS system was updated with the latest version, utilising advanced and enhanced technological features to meet the constantly changing payment developments within the financial sector. The upgrade allows for better performance aligned with industry standards and best practices, ensuring efficiency and enabling banks, individuals, corporations, and government bodies to prosper from this critical and significant initiative.

The new system is specifically designed to handle a larger volume of transactions for faster processing. Furthermore, the database has been enhanced with the latest technology to enable high performance, access and availability whenever needed. The system infrastructure has also been integrated with the latest servers and network devices to support the security-enhancing technologies, and safeguard sensitive data.

Reyadh Almearaj, AGM Information Technology commented, “At BENEFIT, we always go a step further and ensure that our solutions and systems are up to date with the latest technologies and features in line with our promise to our users and partners. As a team, we realise that this is an ongoing mission, as we continuously enhance the system with the highest global standards, and security measures to deliver the best possible experience for our consumers.”

The Electronic Fund Transfer System (EFTS) was first launched in 2015, with monthly transaction rates currently exceeding its reach to more than 13.2 million in 2021. It is the most popular payment method in the Kingdom. The system is considered one of the most widely used payment methods in the Kingdom through various electronic channels such as the Benefit Pay application or electronic banking payment channels for banks

The system has undergone various developments and continuous enhancements to meet the requirements at that time. The volume of payments made through the electronic money transfer system last year amounted to more than 159 million transactions, while the total value of payments exceeded 20 billion Bahraini dinars.

Read More

BENEFITPAY AWARDED FOR BEST DIGITAL WALLET BY PAN FINANCE AWARDS

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has been awarded with the “Best Digital Wallet (BenefitPay App)” award for 2021 by Pan Finance Awards, a programme providing compelling content about leading companies and individuals within the realms of financial services and a true indicator of excellence.

 

The reputable accolade recognises BENEFIT’s National Electronic Wallet Payment System, BenefitPay’s efforts to provide an enhanced digital experience through its mobile application, which enables consumers to pay and transfer funds in Bahrain in a fast, secure, and convenient manner. Furthermore, the award validates BENEFIT’s distinct presence in the Kingdom as the top FinTech industry leader through its unique and innovative tailored services and solutions, due to best practices and user experience assessment, in order to enhance the digital society resonating with Bahrain’s Economic Vision 2030.

 

BENEFIT’s Assistant General Manager in Marketing and Innovation, Nezar Maroof, commented on this occasion, “We are honored to receive the Pan Finance Award for “Best Digital Wallet”. This recognition is a reflection of BENEFIT’s committed and dedicated skilled team of digital and technology specialists, as well as our ongoing efforts to digitize payment transactions and invest in technology. Digital wallets are of the most innovative solutions within the payment ecosystem, and it’s a pleasure to be able to receive such an accolade highlighting our efforts in this digital revolution.”

 

BENEFIT’s reputation as the Kingdom’s leader in financial transactions has been further solidified through several awards and accolades, including this year’s egovernment excellence award ‘Best Application for the Smart Devices Award’ and “Best e-Wallet Payment System – BenefitPay” and “Most Innovative e-Payment Product” at the 2020 Global Economics Magazine Awards.

 

BenefitPay has secured over 800,000 registered users since its launch in Bahrain, owing to the diversity of features and services accessible in the mobile application, making it the preferred choice for payment and money transfer for many.

 

Pan Finance is a UK based online magazine providing worldwide intelligence on finance, economics and global commerce and was established to provide the global financial community with concise, intelligible, and up-to-date news.

Read More