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.
Kindly contact your relationship manager to obtain an electronic copy of the Salary Transfer template.
Template Details:
Column Title | Description | Max Length | Comment |
---|---|---|---|
Beneficiary IBAN Number | Employee IBAN number | 35 | |
Beneficiary Name | Employee Name | 35 | |
Transaction Type Code | Please repeat " 021 " in all rows. | 3 | |
Creditor Card Type | Please repeat " N " in all rows. | 1 | |
Company IBAN number | Employer IBAN number | 30 | Will be converted to IBAN if not already in IBAN format |
Company Name | Employer Name | 35 | Please repeat the company name in all rows |
Value Date | Transfer Date in YYMMDD format | 6 | Transfer date cannot be in past and should be in YYMMDD format. All rows in excel must have same value date |
Currency Code | Please repeat " BHD " in all rows | 3 | |
Salary Amount | Employee Salary Amount | Should be numeric | |
Details of Charges | Please repeat " OUR " in all rows |
For further information or clarification, please contact your nearest branch, Relationship Manager or our call center at 7777 7777.
“Fawri+” (Near Real Time Transfer (NRT))
- This service will allow local transfers within 30 Seconds.
- The number of transactions per day are unlimited, however, the total daily value should not exceed BHD 1,000/- per Account per day.
- Transaction less than BHD 100/- are free of charge.
- Transactions that range from BHD 100/- to BHD 1,000/- will be charged a fee of BHD 0.100/- per transaction.
“Fawri” (Deferred Net Settlement DNS))
- This service is for local transfers and the daily limit for using this service are open; this includes standing orders of customers to other Banks in Bahrain.
- All transfers submitted between 7:45 A.M. to 12:15 P.M., are processed by the Bank same day in the afternoon.
- All transfers submitted between 1:30 P.M. to 7:45 A.M., are processed by the Bank next day in the morning.
- Transactions that range above BHD 100/- will be charged a fee of BHD 0.100/- per transaction.
“Fawateer” (Electronic Bill Presentment and Payment (EBPP))
- A one stop shop for bill enquiries and payments.
- Customers can view their outstanding bills from multiple billers and pay the respective immediately in a single click.
- Transactions that range from BHD 100/- to BHD 1,000/- will be charged a fee of BHD 0.100/- per transaction for “Fawri” and “Fawri+” only.
- This service is available for all KFH Clients.