Highlights BENEFIT’s commitment to play a role in today’s monetary ecosystem
Manama, Bahrain: the Kingdom’s leading regional player in electronic monetary transactions; BENEFIT announces the advent of its open remittance market platform as a component of its BenefitPay service. The announcement comes on the heels of the launch of BenefitPay’s cash movement service last November, which allows all users of the app to make cash movements overseas. This service is the first of its kind in the region, and underscores BENEFIT’s commitment to playing a role in today’s monetary ecosystem.
BenefitPay’s remittance marketplace provides an open platform to all licensees providing remittance facilities, greatly facilitating integration between entities, as APIs can be shared within the group, speeding up the time to market. The remittance platform serves as a one-stop shop for consumers to get the most productive facilities from indexed suppliers. As the market evolves, BENEFIT will soon welcome more than 3 partners to sign up for the platform.
BENEFIT introduces direct procedure (STP) as a value-added feature for virtual invoices as a component of this service, simplifying online integration with service providers and making the payment procedure fully electronic and automated from start to finish. As a result, there is a relief in transaction time as well as a positive user experience through convenience. In addition, as an experienced player in the FinTech and financial services landscape, BENEFIT has ensured the implementation of a more complex STP generation, allowing for a faster agreement procedure to keep up. ever-changing facets of the STP generation without compromising safety.
Ahmed Al Mahri, Benefit Business Services Manager, said: “As BENEFIT, we go the extra mile to provide platforms and responses that enable more secure and seamless reporting for service providers and users. The COVID-19 pandemic has threatened remittance flows. Therefore, the remittance market will create an inclusive environment for undeniable and profitable cross-border remittances. We look to the future to integrate more partners and suppliers, creating an opportunity for users to make global payments, anytime, anywhere.
It should be noted that this service is part of the national system of payments with electronic wallet, expanding the offers of BenefitPay in response to the need for high quality facilities of its users. Today, more than 800,000 registered users take advantage of the application, which serves facilities ranging from cash transfers, invoice invoices and purchases in a fast, convenient and secure way.
In addition, there were around 42,000 transactions with a total price of more than 6 million comics. This statistic illustrates BENEFIT’s vital contribution to the Kingdom’s monetary sector when combined with its latest generation to make its products bigger, as well as the confident and undeniable user. interface.
-Finish-
About PROFIT
BENEFIT was established in 1997 and is authorized through the Central Bank of Bahrain (CBB) as a supplier of auxiliaries to the Kingdom’s monetary sector. BENEFIT is owned by Bahraini banks, regulated through the Central Bank of Bahrain (CBB), to provide state-of-the-art payment capabilities, data control responses and business procedure outsourcing services in other sectors of the Kingdom of Bahrain and the region.
Benefit’s diversity, supported through GCCNet in the countries of the region, includes the operation of ATMs (ABM), point of sale (POS), GCCNet, GCCNet dispute control system, Credit Reference Bureau (CRB), telecommunications bill payment (Tele BP), direct debit (DD), payment gateway (PG), Internet banking (IB), Bahrain Check Truncation System (BCTS), Amex Card Withdrawal and, recently, National eWallet and National eKYC Platform for the monetary sectors.
Disclaimer: The content of this press release has been provided through a third-party third-party provider. This online page is not guilty of this external content and does not. This content is provided on an “as is” and “as available” basis and has not been modified in any way. Neither this online page nor our affiliates warrant the accuracy or endorse the perspectives or reviews expressed in this press release.
The press release is provided for informational purposes only. The Content does not provide tax, legal or investment recommendations or reviews relating to the suitability, price or return of any specific security, portfolio or investment strategy. Neither this nor our affiliates shall be held responsible for errors or inaccuracies in the content, or for any action taken through you based thereon. You expressly agree that your use of the data contained in this segment is at your own risk.
To the fullest extent permitted by applicable law, this website, its parent company, subsidiaries, affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors shall be liable (jointly or individually) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including, but not limited to, lost profits, loss of savings and loss of revenue, whether by negligence, tort, contract, or any other theory of liability, even if the parties have requested the option or may simply have foreseen such damages.