Bahrain: BENEFIT operates world’s first national eCheque system
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 eCheque service has been launched as a complementary payment method to traditional cheques, forming a starting point for transformation into a cashless society.
In this regard, 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 cheque 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 such as online cheque book issuance request, and issuing, signing and depositing cheques. These are all done online and in accordance with advanced security requirements that achieve the highest level of transparency and protection.
When it comes to security, users will adopt a secure digital signature, which removes the need for handwritten signatures as required with paper cheques, reducing the risk of forgery and fraud.
Additionally, electronic signatures preserve the underlying identities, enable more secure audit trails, and keep track of the digital signer’s timestamp and location. The unique login credentials and the ability to sign from a device allows electronic signatures to have greater traceability compared to traditional signatures.
For more information on BENEFIT, call 17506065 or visit their website.
