Manama, Bahrain: In accordance with the Kingdom's e-government initiatives and an inclination towards electronic services, the Benefit Company (TBC) has launched a premium payment gateway targeting Bahrain's banks and financial institutions. The recently established and revamped payment gateway provides financial institutions with one payment gateway solution hub, integrating company websites and enabling them, and their merchants, to perform secure online transactions.
Benefit General Manager, Mr. Abdulwahid Janahi, said that the payment gateway had been developed and upgraded, making it the only locally owned service provider specifically for financial institutions. The BENEFIT payment gateway is developed and based on SSL and high security modules, and is certified by VISA and MasterCard Internationals with 3D secure of VISA and SecureCode of MasterCard, which sets the rules and regulations for e-commerce transactions.
"The BENEFIT payment gateway service eliminates cost and time in an increasingly competitive banking environment, whereby financial institutions do not have to make a large investment in order to introduce and establish their own payment gateway. Given Bahrain's market-size, it is inefficient and uneconomic to have a number of payment gateway solutions on the Island."
"Technology is the single most rapidly advancing business facet, and many organizations have already taken initiatives to harness opportunities in the region- particularly with the growing number of banks who have already implemented internet banking as a value-added tool. The convenience, speedy transaction time, and efficiency of the payment gateway are unparalleled in response to the demanding nature of this industry," Mr. Abdulwahid commented.
BENEFIT offers the payment gateway for a minimal fixed charge; Bank of Bahrain & Kuwait (BBK) is already online with the service and BENEFIT welcomes other banks and financial institutions to register, thereby enabling them to introduce electronic services to their customers.
Once institutions enable their web site to accept electronic transactions for certain services, they will reap a number of benefits: Time-Efficiency; customers do not have to come to institutional premises to settle their normal routine bills, this will reduce if not eliminate long queues, Convenience; the service will always be available 24/7, Economic Efficiency; it will lower operational costs, and will also be considered a new service channel.
Benefit is licensed by the Bahrain Monetary Agency (BMA) to offer ancillary services in the financial sector, and is the sole provider of services such as GCC-wide, cross-border ATM sharing under the GCCNET arrangement, as well as the switching of local debit card transactions at point of sale counters, and Bill Payment Services. Benefit also operates the Kingdom's Credit Reference Bureau.
-Ends-
Note to Editor:
B.E.N.E.F.I.T stands for: Bahrain Electronic Network for Financial Transactions, and was established in 1997 as a joint venture between seventeen of Bahrain's commercial banks. Benefit is licensed by the Bahrain Monetary Agency to offer ancillary services in the financial sector.
Issued on behalf of Benefit Company by T&M EVENTSCOM, Bahrain.
For further information, please contact
Leena Al Olaimy in Bahrain
Tel: +973 17 226775
Fax: +973 17 226698.
© Press Release 2006
