CBB launches worlds 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 System (BECS) using the latest technologies to provide electronic payment services and solutions.

Users will adopt a secure digital signature, which removes the need for handwritten signatures as required with paper cheques, reducing the risk of forgery and fraud.

Additionally, electronic signatures preserve the underlying identities and enable more secure audit trails and keep track of the digital signer’s timestamp and location.

The unique login credentials and the ability to sign from a mobile device allow electronic signatures to have greater traceability compared to traditional signatures.

“This milestone will be an optimal solution toward innovative digital services,” Mr Al Janahi added.

“I want to thank the CBB, governmental authorities and banks which have been invaluable partners since the beginning of the journey. Our collective efforts and vision for Bahrain have made it possible to achieve this significant milestone in the region.”

naman@gulfweekly.com

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.