What is EFTS Pro?
The Electronic Fund Transfer System (EFTS) is the most popular payment method in Bahrain introduced by the Central Bank of Bahrain. This fund transfer system works by interconnecting all retail banks in Bahrain to enhance the efficiency of the fund transfers ,bill payments and direct debits, enabling banks, individuals, corporate and government entities to benefit from project.
The Bahrain EFTS encapsulates three distinct services that work to provide a transformation in banking processes for the convenience of all types of consumers in the country.
- Fawri+ is an almost real-time funds transfer solution which allows individuals or entities to transfer funds of up to BD 1,000 per day in less than 30 seconds. The system is active 24 hours a day, seven days a week and 365 days a year.
- Fawri is a deferred settlement fund transfer service which allows individuals or entities to transfer any amount of money within just a few hours of the business day.
- Fawateer, the third service, aggregates bills from multiple billers and presents those bills to the individuals or entities in a single interface. Fawateer provides real-time bill payments that can easily be settled within 30 seconds.
EFTS Pro is Unity’s milestone solution for all the funds transfer systems for Bahrain banks adhering to all regulations prescribed by the Central Bank of Bahrain.
Why EFTS Pro is the best solution for your business?
- Enables FI to send/receive fund transfers and bill payments through NRT and DNS modes
- Enables institutions to perform as a direct debit biller, bill processor
- Supports all messages pertaining to biller as regulated by CBB EFTS
- Validations adhering to CBB EFTS rules
- Handles all the transaction regulations of Central Bank (Cut off times, Turn-around times, Value date etc)
- Flexible integration with IB/MB for sending payments through STP.
- Real time integration with Online Billers for instant bill enquiry and Payments
- Dynamic Biller list loading
- Multiple in built integration adaptors for legacy systems / channels
- Seamless integration for BenefitPay
- Seamless bulk salary transfers from branch / channels.
- Auto scheduling of Direct debits
- Scalable architecture with loosely coupled interface adaptors
- Automatic SMS / Email Notification engine
- AML system integration.
- Auto reconciliation feature with MT 970 report
- Intutive business and Operations dashboard
- Huge cost savings on Core Banking System changes and multiple channel integrations
- Highly client centric model
Ready to upgrade to EFTS Pro?
Simplifying the Fund Transfer System in Bahrain
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 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 an fund transfer system 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 Government 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