Central Bank of Bahrain now offering electronic funds transfers
The bank has partnered with the Benefit Co. to offer the service, which is connected to all of Bahrain's retail banks, as well as most of the kingdom's major billers. EFTs are a convenient way to pay bills and move money between accounts.
CBB will offer Fawri+, through which funds can be transferred in 30 seconds or less; deferred settlement fund transfer service, which transfers funds in a few hours; and Fawateer, through which bills can be paid to multiple billers within 30 seconds.
"The introduction of this invaluable system is a big step forward in achieving Bahrain's 2030 vision," Ahmed Buhijji, director of banking services at the Central Bank of Bahrain, said. "In collaboration with the Benefit Co. and retail banks, we were able to produce a groundbreaking tool for the convenience of the private and public sectors."