Available to the individuals, public sector, private sector and government entities, the EFTS is an electronic system, which interlinks all retail banks and major billers in the country to efficiently carry out fund transfers and bill payments.
The system includes Central Bank of Bahrain, Benefits Company and retail banks across the Kingdom, thus helping to streamline the movement of funds in the kingdom.
The EFTS comprises three services, including Fawri+, which is a real-time fund transfer service that enables individuals or entities to transfer funds of up to BD1,000 per day in less than 30 seconds.
The second service Fawri is a deferred settlement fund transfer service, which helps individuals or entities to transfer any amount of money within just a few hours of the business day.
Fawateer is the third service that incorporates bills from multiple billers and presents those bills to the individuals or entities in a single interface. It offers real-time bill payments that can easily be settled within 30 seconds.
Individuals can use the system through banks’ branches, in addition to online mediums such as mobile banking and internet banking.
Benefit Company CEO Abdul-Wahid Janahi said: "It is such an honor and privilege to work in collaboration with the esteemed Central Bank of Bahrain and retail banks to present to the public sector, private sector and government entities the long-awaited Electronic Fund Transfer System.
"We are so grateful for the opportunity to contribute to the financial development and economic prosperity of the Kingdom of Bahrain."
Image: Individuals can use EFTS by visiting banks’ branches, as well as through online mediums such as mobile banking and internet banking. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.
