CBB introduces the Bahrain Electronic Cheque System

  • Date: 17-Oct-2021
  • Source: Bizbahrain
  • Sector:Technology
  • Country:Bahrain
  • Who else needs to know?

CBB introduces the Bahrain Electronic Cheque System

The Central Bank of Bahrain (CBB) endeavors to maintain a leading position promoting digitalisation and increasing innovative financial services. As part of the ongoing efforts towards digital transformation a reality in the National Payment Systems in the Kingdom of Bahrain, the CBB has taken the initiative to introduce electronic cheques (e-Cheques), complementing the traditional paper cheques, a popular payment instrument in Bahrain. e-Cheques, which will come into effect on 19 October 2021, have a special significance as they will retain all basic functions, legal validity and benefits of paper cheques while providing additional benefits including entirely paperless payment experience for customers who rely on e-Cheques to conduct their day-to-day transactions or business. The CBB directed the BENEFIT Company (BENEFIT) to implement the Bahrain Electronic Cheque System (BECS) leveraging the latest technology, to provide e-Cheque services. Furthermore, recently introduced laws such as Electronic Transferable Records Law and the Electronic Communications and Transactions Law that came into force in 2018 gave the required legal basis for the project. BECS, operated by BENEFIT, is the first fully pledged e-Cheque system in the world that caters to individual, as well as corporate bank customers. BECS provides customers mobile Apps such as BenefitPay and e-Cheque