The Central Bank of Bahrain officially launches the eCheque service, implemented by BENEFIT, inline with Bahrain’s Vision 2030 to drive innovation in digital payments.
October : 2021 (Manama, Bahrain) – The Central Bank of Bahrain officially launches the eCheque service, implemented by BENEFIT in the Kingdom on Bahrain. Bahrain is the first country to implement this service in the entire MENA Region. The announcement was made recently to highlight this milestone and address the community on the new solution that will simplify payment collection for all consumers and SMEs. The launch of the eCheque service is inline with Bahrain’s Vision 2030 to drive innovation in digital payments.
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, will roll out several campaigns to shed light on the rollout of the new eCheque service. eCheque will be backed by all related banks in Bahrain which will allow easy and simple payments.
Digitization of the cheque-related processes will have several advantages and simplify overall banking transactions for consumers and businesses within the Kingdom. Benefits include an issuing and depositing service accessible via the eCheque related platforms which will allow bank customers to process an eCheque any time. Furthermore, individuals can use the eCheque service with the convenience of their mobile phones in a quick and seamless manner.
When it comes to security, users will adopt a secure digital signature, which removes the need for handwritten signatures as required with paper cheques, reducing the risk of forgery and fraud. Additionally, electronic signatures preserve the underlying identities and enable more secure audit trails and keep track of the digital signer’s timestamp and location. The unique login credentials and the ability to sign from a device allows electronic signatures to have greater traceability compared to traditional signatures.
BENEFIT’S Chief Executive, Abdulwahed AlJanahi commented on the launch, “The implementation of eCheque will lead the Kingdom of Bahrain into a new era of electronic payments. As BENEFIT, we want to provide seamless and secure payment experiences. The eCheque will allow consumers to enjoy the functions of a regular cheque online without having to experience the long waiting time associated with traditional paper cheques. This milestone will be an optimal solution for those who are just starting to embrace online banking. I want to thank the Central Bank of Bahrain which has been an invaluable partner since the beginning of the journey. Our collective efforts and vision for Bahrain has made it possible to achieve this significant milestone in the region.”
Shafaq Al Kooheji, Head of Payment Services in BENEFIT and the Project Director of the eCheque service stated, “The launch of the eCheque service reflects the Central Bank of Bahrain’s ongoing efforts to offer a wide range of payment services. Not only do eCheques offer various advantages over their physical counterparts, but they also represent the Kingdom’s commitment to enhancing the efficiency and modernization of Bahrain’s financial infrastructure.”
She added, “This initiative also provides a green way to make payments, in line with Bahrain’s efforts to achieve its sustainable development goals. I’d like to thank everyone for their contribution towards this milestone and bringing the eCheque service into fruition.”
Bahrain is the first country in the MENA Region to launch the eCheque. The launch will be followed by a wider campaign to increase public awareness of the eCheque service and reinforce their understanding of using it.