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The Benefit Company

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The Benefit Company

The Benefit Company
شركة بنفت
Type Interbank network
Industry Finance
Founded November 1997
Headquarters Bahrain
Products Financial Services
Website www.benefitco.com.bh

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.

ATM and POS

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.

GCCNET

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

References

  1. ^ "Bahrain Electronic Network for Financial Transactions". Benefitco.com.bh. 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". Progressoft.com. 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


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