The Electronic Fund Transfer System (EFTS), introduced by the Central Bank of Bahrain in association with The Benefit Company, works by interconnecting all retail banks in Bahrain to enhance the efficiency of the fund transfers, bill payments, and direct debits. This is highly beneficial for banks, individuals, corporates, and government entities. EFTS Pro is Unity’s revolutionary solution for all electronic funds transfer systems for Bahrain banks, adhering to all regulations prescribed by the Central Bank of Bahrain.
Dynamic biller list loading
AML system integration
Highly client-centric model
Validations adhering to CBB EFTS rules
Seamless integration for Benefit Pay
Automatic SMS/Email notification engine
Scalable architecture with loosely coupled interface adaptors
Auto reconciliation feature with MT 970 report
Intuitive business and operations dashboard
Multiple in-built integration adaptors for legacy systems/channels
Flexible integration with net banking/mobile banking(IB/MB) for sending payments through STP.
Real time integration with online billers for instant bill enquiry and payments
Central Bank of Bahrain (CBB), in association with The Benefit Company (BENEFIT), had introduced an improved payment system known as Electronic Fund Transfer System (EFTS). The purpose of the fund transfer system is to further enhance the payment framework in the Kingdom of Bahrain by minimising the transaction time.
The Electronic Fund Transfer System (EFTS) is a fund transfer system in Bahrain that connects all retail banks in Bahrain which shall improve the efficacy of the fund transfers and bill payments; enabling banks, individuals, corporate and governmental entities to profit from this dynamic and significant project. Bahrain FTS is accessible through the banks' several channels such as branches, internet banking, and mobile banking. The funds transfer solution Bahrain will improve and restructure the movement of funds in Bahrain across all segments which shall endorse a more efficient and proactive banking sector.
There are 3 key services of the Bahrain EFTS, which are as follows:
Fawri+ is a near real time funds transfer solution Bahrain which allows customers/corporate to transfer funds up to BD 1,000 per day in less than 30 seconds 24*7*365.
Fawri is a deferred settlement fund transfer system Bahrain which lets customers/corporate to transfer any amount within a few hours in the business day.
Fawateer provides real time Local Fund Transfer Bahrain, bill payments and enquires which allows the customer to pay the bills within 30 seconds. Fawateer also facilitates Direct Debit service which automates bill payments.
About BENEFIT – BENEFIT exclusively support banking and financial segment but also the government, SMEs and other private sector entities. BENEFIT endeavours to make synergy in financial services through enabling Fintech and launching strong alliances with different stakeholders. Given these strategic goals, BENEFIT has established a Fintech lab.
EFTS Pro is Unity’s milestone Electronic Fund Transfer System for all the funds transfer systems for Bahrain banks adhering to all regulations prescribed by the Central Bank of Bahrain.