BBK, Bahrain’s pioneer in retail and commercial banking, has announced the launch of Electronic Funds Transfer System (EFTS) service on the bank’s extensive network of ATMs located throughout the Kingdom. The EFTS service, which is currently available on BBK’s e-Channels including Internet Banking, Mobile Banking and now ATMs, make funds transfers and bill payments even more convenient for BBK customers.
Commenting on the launch, BBK Chief Executive, Mr. Reyadh Yousif Sater, said: “I am pleased to announce that BBK will be the first bank in Bahrain to offer EFTS service on its network of ATMs using interactive technologies. The launch of the service will initially offer Fawri+ and Fawri closely followed by Fawateer, and will provide all of the same features and benefits as our Internet and Mobile Banking service, ensuring that BBK continues to lead the market in offering a more convenient and elevated banking experience to its customers.”
The EFTS service was launched in Bahrain on 5th November, 2015 by the Central Bank of Bahrain in cooperation with the BENEFIT Company. The Electronic Funds Transfer System, or EFTS, is an electronic system that interconnects all retail banks in Bahrain together and major billers in the Kingdom in order to enhance the efficiency of funds transfers and bill payments. It enables banks, individuals, corporations, and government sectors to benefit from the renovated accessibility and ease of retail banking. EFTS enhances and streamlines the movement of funds in Bahrain. The system comprises three distinct services including Fawri+, an almost real-time funds transfer service which allows individuals or entities to transfer funds of up to BD 1,000 per day in less than 30 seconds. The service is active 24 hours a day, seven days a week, 365 days a year. Fawri is a deferred settlement funds transfer service which allows individuals or entities to transfer any amount of money within just a few hours of the business day. Thirdly, Fawateer, groups bills from multiple billers and presents those bills to the individuals or entities in a single interface, providing real-time bill payments that can easily be settled within 30 seconds.
Mr. Sater added: “The EFTS service has reinvented the way the Bahraini financial sector operates and, as a groundbreaking tool that positions Bahrain’s financial sector to compete on a global scale, remains a major milestone towards achieving Bahrain's 2030 vision. Providing EFTS service on our wide network of ATMs underscores the strong positioning of the service, whilst delivering a faster and more convenient service to more BBK customers.”
The offering of EFTS service through BBK ATMs is the latest value-added service launched by the Bank in its continued efforts to enhance the customer experience. BBK recently pioneered the Kingdom’s first ‘ITM’, Interactive Teller Machine in the Isa Town Financial Mall, and the ‘BBK Queue App’ - a mobile phone application that allows BBK Retail Banking customers to plan their visit to the branch by booking a ‘virtual ticket’ and avoiding queues. The Bank also recently introduced “Cardless Withdrawal” allowing BBK clients to withdraw cash from any BBK ATM without using their personal BBK debit card in a convenient and secure manner.