Kuwait Finance House–Bahrain is pleased to inform you that the Central Bank of Bahrain (CBB), in collaboration with The Benefit Company (BENEFIT), has introduced an enhanced payment system known as Electronic Fund Transfer System (“EFTS”). The purpose of “EFTS” is to further improve the payment framework in the Kingdom of Bahrain by reducing the transaction time.
The “EFTS” is a national fund transfer and payment system, that enables the Banks’ customers to use and benefit from three main “EFTS” services.
Kuwait Finance House – Bahrain is pleased to inform you that the Central Bank of Bahrain (CBB), in collaboration with The Benefit Company (BENEFIT), is introducing an enhanced payment system known as Electronic Fund Transfer System (EFTS). The purpose of EFTS is to further improve the payment framework in the Kingdom of Bahrain by reducing the transaction time.
The CBB requires all banks to comply with the EFTS requirements. Accordingly, you are requested to include the IBAN numbers for all local transfers (i.e. transfers within the Bank, transfers to other banks & salary transfers) with effect from 5th November 2015.
In order to ensure smooth processing of your usual transfer instructions, we kindly advise you to start updating your records with the relevant IBAN numbers immediately. Furthermore, for monthly salary transfer of your employees, you are requested to use the enclosed template for prompt and uninterrupted processing. As you are aware, the salary transfer instructions along with the related details should be made available to our Dispatch Department located on the mezzanine floor of our Branch at the Bahrain World Trade Center.
Please note that when providing the IBAN numbers, the use of “spaces”, “hyphens (-)” and/or “Forward Slash (/)” must be avoided. Any transfer requests without the IBAN number and/or showing only the recipients account numbers will not be processed, without any liability on the part of the Bank.