CBB directs BENEFIT to operate national eCheque system
By Leandra Monteiro
As part of the efforts exerted by the Central Bank of Bahrain (CBB) to boost digital transformation and introduce innovative financial services, in line with Bahrain Economic Vision 2030, the CBB has recently launched the eCheque service as a complementary payment method to traditional cheques, forming a starting point for transformation into a cashless society.
In this regard, the CBB has directed BENEFIT to implement and operate the Bahrain Electronic Cheque System (BECS) by utilising the latest technologies to provide electronic payment services and solutions.
The eCheque service is the first integrated electronic cheques system in the world dedicated to retail and corporate banking clients, and is available on smartphone apps, including BenefitPay (for Individuals) and eCheque App (for corporates).
These apps offer several services to users, such as online cheque book issuance request from retail banks, as well as other services, including issuing, signing and depositing cheques, which are all done online without the need for the client to visit the bank to perform these services, and in accordance with advanced security requirements that achieve the highest level of transparency and protection.
Meanwhile, BENEFIT, will carry out a set of initiatives to highlight the launch of the new eCheque service through marketing and awareness campaigns. These initiatives will be implemented in cooperation with several banks in the Kingdom of Bahrain, and it will include promoting illustrative clips of how to use the service and sharing awareness posts in various advertising media and social media platforms.
On the occasion, BENEFIT’S Chief Executive, Mr. Abdulwahed AlJanahi, commented on the launch, “As per the directives of the CBB, we take pride to be tasked to operate this significant national system, which reinforces the Kingdom’s position as a front for innovation in electronic payment processes. 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.”
Elaborating further, Mr. AlJanahi added, “This milestone will be an optimal solution toward innovative digital services. I want to thank the CBB, governmental authorities and banks which have been an invaluable partners 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.”
On her part, BENEFIT’s Payment Services Head and the eCheque Service Project Director, Ms. Shafaq Al Kooheji said, “The launch of this national project is a wonderful occasion, as it introduces an international model of which we are all proud. This initiative offers environment friendly payment methods, in line with the Kingdom’s efforts to achieve its sustainable development goals. I would like to express sincere gratitude to all those who contributed to accomplishing this milestone achievement.”