The Central Bank of Bahrain (CBB) endeavors to increase its innovative financial services with the launch of its new electronic cheque system from October 19, in line with the ongoing efforts towards digital transformation.
The e-cheque system of CBB will complement the traditional paper cheques, a popular payment instrument in the kingdom. The e-Cheques have a special significance as they will retain all basic functions, legal validity and benefits of paper cheques while offering additional benefits including an entirely paperless payment experience for customers.
The CBB has directed BENEFIT Company (BENEFIT), a key fintech and electronic financial transactions services provider in the kingdom, to implement the Bahrain Electronic Cheque System (BECS) by leveraging the latest technology.
BESC is the first fully guaranteed e-Cheque system in the world that caters to individuals, as well as corporate bank customers, CBB said in its statement. The launch of the BECS comes as part of the bank’s commitment towards digital transformation, a reality in the National Payment Systems in the kingdom.
The recently introduced laws like Electronic Transferable Records Law and the Electronic Communications and Transactions Law that came into force in 2018, provided the required legal basis for the project.
Hesa Abdulla Al Sada Executive Director Banking Operations CBB
“This milestone achievement reflects the ongoing commitment of the CBB in providing the latest technologies in the industry and encourages the progression towards a cashless society that has access to all electronic payment solutions available. The CBB extends its sincere acknowledgments to the official entities that facilitated the legal and regulatory requirements for this project and provided the suitable conditions to launch the service. These entities include Ministry of Justice, Islamic Affairs and Waqf, Telecommunications Regulatory Authority (TRA), the Information and e-Government Authority (IGA), in addition to the Benefit Company.”
Through mobile apps such as BenefitPay and e-Cheque App, BECS offers customers the facility to request an e-cheque book from their banks, write an e-cheque, sign an e-cheque, issue an e-cheque and deposit an e-cheque online without visiting the bank.
Individuals can register online for this e-cheque service through the BenefitPay App. Corporate customers can register at its bank to get the dedicated e-Cheque App to avail online e-Cheque services.
