|09 December, 2019

Bahrain Clear launches e-payment service

Service will be available through Fawateer’s service on all e-banking platforms and BenefitPay

MANAMA: Investors, brokers, custodians and issuers will now be able to pay all outstanding fees and commissions to Bahrain Clear (BHC) electronically with the launch of the Fawateer payment service.

Bahrain Clear (BHC), a fully-owned subsidiary of Bahrain Bourse, announced the launch of the service in partnership with Benefit, the national electronic transactions company.

With the Fawateer service, investors, brokers, custodians and issuers will be able to pay the fees for all the services provided by Bahrain Clear, including account opening, opening of investor number for individual and institutional, transfer of securities, transfer of dual listed companies’ shares, exempt case securities transfer, securities account statement, and pledge registration.

The value-added service will be available through Fawateer’s service on all e-banking platforms and BenefitPay.

Integrating with the Electronic Fund Transfer System (EFTS) it will reduce the amount of time and effort which is required for payment and settlement, it said.

Fawateer is the fastest and most efficient online payment method, which aggregates bills from multiple billers and presents those bills in one interface providing real-time bill payments.

Bahrain Clear’s senior director of operations Abdulla Abdin said: “The Fawateer system comes as part of efforts to ease and simplify the settlement cycle smoothly and efficiently for all stakeholders and streamline all payments in line with the strategy to adopt the latest technology in order to reduce the time and effort required for payment and settlement.”

“Fawateer’s portal will greatly enable all stakeholders investors (retail and institutional), brokers, custodians and issuers to settle invoices due to Bahrain Clear via Fawateer’s service on all e-banking platforms of all commercial banks operating in Bahrain in addition to the Benefit mobile app,” added Mr Abdin.

Benefit DGM business services Yousif AlNefaiei said: “We are really excited to officially have Bahrain Clear utilise our service, which will allow them to build and strengthen their relationship with their various consumers, and community partners. In line with our main aim which is to enable the financial sector, and others in Bahrain to forge strong and lasting connections with their customers, this partnership is yet another example that reflects our commitment to achieving our promise for various sectors.”

The agreement under which Bahrain Clear joined the EFTS was signed by vice-chairman and managing director Shaikh Khalifa bin Ebrahim Al Khalifa and Benefit chief executive Abdulwahed AlJanahi in May.

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