Bahrain’s leading regional player in electronic financial transactions, BENEFIT, has introduced its open platform remittance marketplace as part of its BenefitPay service.
This follows the launch of BenefitPay’s remittance service last November, enabling all app users to make international money transfers. This service is the first of its kind within the region, and it underlines BENEFIT’s commitment to playing a significant role in today’s financial ecosystem.
BenefitPay’s remittance marketplace provides an open platform for all licensees who are delivering remittance services, making integration across entities significantly easier as APIs can be shared across the group, resulting in a faster time to market.
The remittance platform serves as a one-stop shop for consumers to obtain the best services from the listed providers. As the marketplace evolves, BENEFIT will soon be welcoming over three partners to join the platform.
“As BENEFIT, we always go the extra mile to provide platforms and solutions that enable seamless and safer experiences for service providers and users. The COVID-19 pandemic has put remittance flows under threat, hence, the remittance marketplace will create an inclusive environment enabling simple and cost-effective cross-border money transfers. We look forward to onboarding more partners and providers creating an opportunity for users to make global payments, anytime, anywhere.”
BENEFIT is introducing straight-through processing (STP) as a value-added feature to virtual payments as part of this service, simplifying online onboarding with service providers, and making the payment process electronic and automated from start to finish. As a result, there is a reduction in transaction time as well as a positive user experience through convenience.
Furthermore, as a seasoned player in the fintech and financial services landscape, BENEFIT has ensured the implementation of a more advanced STP technology, allowing for a faster settlement process in order to keep up with the continuously changing aspects of STP technology without compromising security.
It is worth noting that this service is in line with the National Electronic Wallet Payment System, BenefitPay’s expansion of offerings in response to its users’ need for high-quality services.