The Central Bank of Bahrain (CBB) has announced the operation of its Real-Time Gross Settlement (RTGS) System during public holidays, in a move aimed at enhancing the continuity and efficiency of financial services.
This initiative introduces a dedicated daily morning settlement session specifically for processing high-value Fawri transactions handled by The Benefit Company (BENEFIT).
As a result, customers can now send and receive transactions exceeding $7,961 (BD 3,000) through the Fawri service even during official holidays, ensuring greater convenience and accessibility across the Kingdom’s banking sector.
Real Time Gross Settlement System introduced, operated and maintained by the CBB for facilitating online real-time settlement of payments in the Kingdom of Bahrain between members admitted to the RTGS system, either on a gross basis, or through the Multilateral Net Settlement Batches (MNSB) received from the members, and for matters connected therewith, or incidental thereto.
In this context, Hesa Abdulla Al Sada, Executive Director of Central Banking and Macroprudential Oversight, affirmed the CBB’s commitment to the continuous development of payment services by working closely with the banking sector and implementing policies and initiatives aimed at enhancing financial market infrastructures and payment systems to achieve the desired economic objectives.
She added that this strategic initiative aims to provide an extended timeframe for customers to make electronic fund transfers and payments through the Fawri service as the CBB has introduced a morning session for the settlement of financial transactions in the RTGS system, enabling customers to make transfers and payments through Fawri service, which will be credited to the receivers’ accounts by retail banks during public holidays.
