BENEFIT ORGANIZED IDENTIFICATION AND VERIFICATION SERVICE WORKSHOPS FOR Financial Institutions

Advanced service for identification and verification solution as part of BENEFIT’s digitalization agenda

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service delivered 2 workshops in their premise and 1 virtual workshop introducing their Identity and Verification services to 48 financial institutions in the Kingdom.

 

Representatives from 48 financial institutions attended the sessions, where they learned about the competitive features and capabilities of the solutions. The identification and verification service recognizes all GCC IDs and passports from all nationalities to validate client identity against a liveness check, allowing for faster and more seamless customer onboarding.

 

Capitalizing on the latest facial recognition technology, BENEFIT’s solutions are supported by cutting-edge biometrics technology to provide its new identification and verification solution. The system  maintains stringent security standards, which are suitable for safeguarding sensitive processes such as remote financial transactions.

 

With the surging demand for digital onboarding and to facilitate virtual banks and fintech firms, the identification and verification solution is offered as part of BENEFIT’s digitalization agenda, and will facilitate remote client onboarding to various services, as well as digital services, resulting in improved customer experience.

 

Latifa Al Mutawa Head-Bahrain Credit Reference Bureau at BENEFIT, commented on the initiative, “Banks, Money Changers, Insurance companies, Investment firms, Payment service providers FinTech firms, and  all other financial institutions face a similar challenge when it comes to providing consumers with more digital services at a time when cyber criminals are increasing their techniques and intensity. In light of this rising threat, BENEFIT’s technology plays a critical role in keeping people and data secure.”

 

“With the maturation of facial recognition, especially with the introduction of liveness checks, it is now a necessity in the biometrics realm and BENEFIT is leveraging on this and strengthening our role in the FinTech space. We are proud to add value to our innovative solutions and make a significant contribution to an enhanced customer experience, as we have consistently done.

 

This initiative is consistent with BENEFIT’s track record of delivering market-leading solutions. To emphasize this, it is worth noting that BENEFIT also provides the national eKYC service and the credit bureau service, which when integrated together results in straight through processing and an improved customer experience” She added

 

It is worth noting that the Identity and Verification service by Benefit is offered with highly competitive features to fit all financial institutions needs

 

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BENEFIT HOSTS DELEGATION FROM BRUNEI TO PRESENT INSTANT PAYMENT INFRASTRUCTURE

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, hosted a delegation from Brunei last month to get acquainted with BENEFIT’s successful payment infrastructure framework.

BENEFIT presented their core features and implementation method, including key success factors and challenges, when it comes to instant payments to Brunei’s delegation. This is in line with their announcement earlier this year to develop an instant payment infrastructure to enhance the commercial and socio-economic benefit of the country.

BENEFIT’s payment infrastructure is considered to be one of the most advanced and leading modules globally, hence, the delegation aims to further provide an enabling environment by sharing key success strategies implemented by BENEFIT over the years.

Shafaq Alkooheji, Head of Payment Services, BENEFIT commented, “We have always played a pioneering role when it comes to digitizing our payment infrastructure in the Kingdom and the MENA region. Our success needs to be shared with other players in the region so that we can build enabling ecosystems everywhere. It was a pleasure hosting representatives from Brunei in Bahrain, and sharing our successful case studies with its challenges and to also shed light on insights that can simplify their payment journey as well. We are happy to support and contribute to Brunei’s Digital Payment Roadmap and look forward to witnessing innovation regionally and globally.”

Due to BENEFIT’s dominant presence in the MENA FinTech market, the company has hosted several knowledge exchange sessions and delegations to pave the way for other players in the region.

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BENEFIT AND iGA EXPLORE JOINT DIGITAL TRANSFORMATION INITIATIVES

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, hosted a meeting with the Information & eGovernment Authority (iGA) to discuss opportunities to further enhance advanced technology deployment in Bahrain. The discussion between iGA Chief Executive, Mohammed Ali Al Qaed and BENEFIT Chief Executive, Abdulwahed AlJanahi outlined the objectives of the high-level partnership.

“Achieving the digital transformation objectives of Bahrain’s Economic Vision 2030 is vital to the Kingdom’s future and we are honored to play a role in this national journey,” said Mr. AlJanahi. “As the driver of Bahrain’s digital economy, the iGA provides comprehensive and accessible government services to help the public and private sectors function more efficiently. BENEFIT recognizes the importance of ICT management and governance, blockchain, AI, and cloud computing in creating new frontiers for economic growth and innovation, and  is optimistic about the opportunities for collaboration with the iGA.”

Mr. Al Qaed said: “This meeting was in line with the iGA’s objectives to support decision making, creativity, and innovation in both the private and public sectors. BENEFIT is a key partner in Bahrain’s digital transformation journey; our ongoing collaboration will allow us to leverage BENEFIT’s advanced infrastructure in providing a comprehensive range of public services that meet the needs of beneficiaries. We look forward to identifying further opportunities for cooperation between our two organizations.”

Several successful projects have been implemented as part of the collaboration between BENEFIT and the iGA, including the national eKYC platform and the Bahrain Credit Reference Bureau service, available via the National Portal, bahrain.bh.

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WITH THE AIM OF KNOWLEDGE EXCHANGE

BAHRAIN CREDIT REFERENCE BUREAU HOSTS A DELEGATION FROM OMAN CREDIT BUREAU ‘MALAA’

 

Bahrain Credit Reference Bureau hosted and welcomed the Oman Credit Bureau Malaa in June for an in-depth one-week knowledge exchange session at BENEFIT’s headquarters. The visit shed light on Bahrain Credit Bureau’s journey, and their role to aggregate comprehensive credit information for the Kingdom of Bahrain.

 

As part of the knowledge session agenda, the BCRB highlighted their diverse products and services offered by BENEFIT, demonstrated the operational process of handling BCRB BENEFIT members, and introduced the various credit bureau tools offered for individuals and corporations. Additionally, BCRB also explored meaningful data conveying significant data.

 

The meeting was a follow up from Oman Credit Bureau Malaa management’s earlier visit to Bahrain in March 2022 to explore the Credit Bureau journey in the Kingdom. Malaa’s representatives were particularly impressed by the successful in-house development of the system and reporting structure, and hence wanted to expose the Mala’a team to benefit from the excellent progress BENEFIT has completed.

 

Latifa Al Mutawa, Head of Bahrain Credit Reference Bureau (BCRB) commented, “We were pleased to have the Oman Credit Bureau Malaa visit our premises and get an in-depth overview of how we operate. As an established player in the financial industry, we have a responsibility to share the blueprint of our success to push the collective vision of the MENA region. We all play a major role in improving the financial environment and enhancing financial inclusion. Hence, knowledge exchange sessions and collaboration led visits such as these further push this agenda and get us closer to our overarching goal. We are looking forward to integrating with Oman Credit Bureau to exchange corporate credit information”

 

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