Bahrain Clear launches electronic payment service Fawateer

MANAMA, BAHRAIN: Bahrain Clear (BHC) has launched the electronic payment “Fawateer” to allow investors, brokers, custodians and issuers to pay all outstanding fees and commissions of all services provided by Bahrain Clear in a seamless and secure manner in cooperation with BENEFIT, the leading electronic transactions company.

BHC is a fully owned subsidiary of Bahrain Bourse. With the Fawateer service, investors, brokers, custodians and issuers will be able to pay the fees for all the services provided by Bahrain Clear, including account opening, opening of investor number (NIN) for individual and institutional, transfer of securities, transfer of dual listed companies’ shares, exempt case securities transfer, securities account statement, and pledge registration.

The value added service will be available through Fawateer’s service on all e-banking platforms and BENEFIT Pay. Bahrain Clear Integrating the EFTS will reduce the amount of time and effort which is required for payment and settlement. Benefit’s Fawateer feature is the fastest and most efficient online payment method, which aggregates bills from multiple billers and presents those bills in one interface providing real time bill payments.

On this occasion, the Senior Director of Operations at Bahrain Clear Mr. Abdulla Jaffar Abdin commented: “The Fawateer system comes as part of Bahrain Clear’s dedicated efforts to ease and simplify the settlement cycle smoothly and efficiently for all stakeholders and streamline all payments which goes in line with Bahrain Clear’s strategy to adopt the latest technology in order to reduce the time and effort required for payment and settlement.”

“Fawateer’s portal will greatly enable all stakeholders investors (retail and institutional), brokers, custodians and issuers to settle invoices due to Bahrain Clear via Fawateer’s service on all e-banking platforms of all commercial banks operating in the Kingdom of Bahrain in addition to the Benefit mobile App” added Abdin.

Mr. Yousif AlNefaiei, DGM Business Services, BENEFIT said: “We are really excited to officially have Bahrain Clear utilize our service, which will allow them to build and strengthen their relationship with their various consumers, and community partners.  In line with our main aim which is to enable the financial sector, and others in Bahrain to forge strong and lasting connections with their customers, this partnership is yet another example that reflects our commitment to achieving our promise for various sectors. We look forward to a successful journey with Bahrain Clear.”

It is worth noting that an agreement was signed between Bahrain Clear and BENEFIT in May 2019, under which Bahrain Clear joined the Electronic Fund Transfer System (EFTS). The agreement was signed by Vice Chairman and Managing Director of Bahrain Clear Sh. Khalifa bin Ebrahim Al-Khalifa, and BENEFIT’s Chief Executive Officer (CEO), Abdulwahed AlJanahi.


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