World Library  
Flag as Inappropriate
Email this Article

The Benefit Company

Article Id: WHEBN0018418194
Reproduction Date:

Title: The Benefit Company  
Author: World Heritage Encyclopedia
Language: English
Subject: Shetab Banking System, Benefit, List of companies of Bahrain, Alberta Regional Network, Allpoint
Publisher: World Heritage Encyclopedia

The Benefit Company

The Benefit Company
شركة بنفت
Type Interbank network
Industry Finance
Founded November 1997
Headquarters Bahrain
Products Financial Services

The Benefit Company (TBC) is the local switch in the Kingdom of Bahrain handling ATM and POS transactions among other services. Established in 1997 with a special license from the Central Bank of Bahrain as "Provider of Ancillary Services to the Financial Sector",[1] it is the only financial network of its kind in the country.


Benefit's initial services included connecting the ATM services of the local banks in Bahrain and handling the settlements. In addition, it connected the POS terminals to all of the local issuers in the Kingdom.


In addition to the local switching, Benefit is also connected to GCC Net, the main switch operating on all GCC countries. A connection was also established with Shetab in 2005; linking all BENEFIT users with Iran's only switch.

Payment gateway

In 2006, the company offered the payment gateway service, integrating more the local banks onto one payment hub allowing banks and their merchants to perform online transactions.[2]

Electronic check clearing

In May 2012, Benefit started running the nation's check truncation system. Thus, enabling 29 banks in the Kingdom to settle checks the same day.[3]

Member banks in the network

See also


  1. ^ "Bahrain Electronic Network for Financial Transactions". Retrieved 2013-12-06. 
  2. ^ [1]
  3. ^ "Central Bank of Bahrain Starts Running Live ProgressSoft's Electronic Check Clearing Solution across the Kingdom | ProgressSoft Corporation". 2012-05-12. Retrieved 2013-12-06. 

External links

  • The Benefit Company's Main Site
  • Central Bank of Bahrain's Main Site
  • GCCNet's main web site

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.

Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.