CBB launches world’s first electronic cheque system

CBB launches world’s first electronic cheque system

MANAMA: The world’s first national electronic cheque system was launched in the kingdom yesterday by the Central Bank of Bahrain (CBB) and is being implemented and operated by Benefit. The eCheque service is the first integrated electronic cheques system in the world dedicated to retail and corporate banking clients, and is available on smartphones, through BenefitPay for individuals and the eCheque mobile application for corporates clients. As highlighted in the GDN, these applications will now offer several services to users, including online cheque book issuance requests from retail banks, as well as issuing, signing and depositing cheques, which are all done online without the need to visit a bank. “As per the directives of the CBB, we take pride in being tasked to operate this significant national system, which reinforces the kingdom’s position at the forefront for innovation in electronic payment processes,” said Benefit chief executive Abdulwahed Al Janahi. “As Benefit, we want to provide seamless and secure payment experiences. The eCheque will allow consumers to enjoy the functions of a regular cheque online without having to experience the long waiting time associated with traditional paper cheques.” The CBB has directed Benefit to implement and operate the Bahrain Electronic Cheque