BBK, Bahrain’s pioneer in retail and commercial banking, announced the launch of E-cheque services for its customers under the supervision of the Central Bank of Bahrain and in cooperation with BENEFIT.
This service allows individuals and corporations to issue E-cheques from their electronic cheque books and make payments in a highly safe and secure manner.
The E-Cheque is an electronic document that is used as an alternative to paper cheques for digital payments. The E-cheque could be used for making a payment for any transaction that a paper cheque can cover. Moreover the same laws that apply to paper cheques also are applicable to E-cheques. BBK retail Customers who have current accounts with BBK can register for this service directly on BenefitPay and without the need to approach or to contact the Bank or any other party. Corporate customers and retail joint account holders who wish to use this service will have to visit their nearest branch or Relationship Manager to register their accounts and authorized signatories for this service, after which they will be able to use a dedicated E-Cheque application to avail the E-Cheque services. Customers with registered current accounts can easily request for an electronic cheque book, which will allow them to issue and submit cheques electronically and to perform digital payments through a highly secure payment and cheque clearing system. .
Dr. Adel Salem, General Manager of the Retail Banking Division, stated that the Bank’s launch of this service underscores the bank’s digital transformation journey and its leadership in the development of the financial and banking industry in Bahrain. He added that BBK worked with BENEFIT extensively to facilitate the use of this service, as well as to train the bank’s employees in compliance with the requirements that were set by the CBB.
“We applaud the Central Bank of Bahrain’s effort in embracing the newest innovations in the global banking and financial industry as well as its support of the sector in Bahrain to prepare the necessary legislation for these new innovations. The E-Cheque is a key digital step towards a cashless future and we are proud to be part of that milestone achieved and introduced by the Central Bank of Bahrain” Dr. Salem commented.
The E-Cheque services will come into force on the 19th of October 2021.