Bahrain, Instant Funds Transfer System
On November 5, 2015 the BENEFIT Company along with the Central Bank of Bahrain announced live operations of Electronic Funds Transfer System (E.F.T.S) provided by CMA Small Systems AB from Sweden.
EFTS is a multifunctional online retail payments system offering a range of funds transfer/collection services covering all of country’s economic sectors from individual remittance transfers to government and large corporate institutions payments. The system greatly improves bill payment services for telecoms, government and municipal authorities, and other financial service providers.
EFTS as a nation-wide service operates in 24x7 mode with minimum downtime allowed to achieve a target of 99.99% availability per annum.
EFTS unites major retail banks in the Kingdom of Bahrain that are directly connected to it via secure VPN channels as well as via major billers:
- Telecoms (BatelCo, VIVA, ZAIN);
- Government (EWA, Customs and others);
- Financial institutions (Bahrain Credit, American Express and others).