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.