Bahrain-based leading fintech and electronic financial transactions service firm, BENEFIT has revealed its plans to elevate its Electronic Funds Transfer System (EFTS) with a $4.24 million investment.
With this funding, BENEFIT aims to meet the surging demand for the system’s services within Bahrain. Last November, BENEFIT upgraded EFTS across all levels and the current investment echoes the firm’s commitment to constantly develop and offer advanced solutions in line with the company’s future initiatives and new strategic direction.
The EFT system was upgraded to utilize advanced and enhanced technological features to meet the constantly changing payment developments within the financial sector.
The upgrade enables for better performance aligned with industry standards and best practices, ensuring efficiency and letting banks, individuals, corporations, and government bodies benefit from this critical and significant initiative.
“At BENEFIT, we always go a step further and ensure that our solutions and systems are up to date with the latest technologies and features in line with our promise to our users and partners. As a team, we realize that this is an ongoing mission, as we continuously enhance the system with the highest global standards and security measures to deliver the best possible experience for our consumers.”
The upgraded EFT system is particularly designed to handle a larger volume of transactions for faster processing. Furthermore, the database has been enhanced with the latest technology to enable high performance, access and availability whenever needed. The system infrastructure has also been integrated with the latest servers and network devices to support the security-enhancing technologies, and safeguard sensitive data.
The EFTS was first launched in 2015, with monthly transaction rates currently exceeding its reach to more than 13.2 million in 2021. The system is considered one of the most widely used payment methods in Bahrain through various electronic channels such as the Benefit Pay application or electronic banking payment channels for banks.