CBB plans to roll out national e-KYC utility
MANAMA: A national electronic know-your-customer (e-KYC) utility to streamline customer onboarding and ongoing updates of customer information by financial institutions is a key project to be rolled out, the Central Bank of Bahrain (CBB) has said.
In a statement, the financial regulator said it was one of several national level initiatives that it is working on jointly with other governmental and non-governmental stakeholders such as the Information and e-Government Authority and the Benefit Company.
The announcement follows a visit by a CBB delegation to the Visa Innovation Centre.
The visit, said the CBB, was in line with the drive towards digitisation and positioning Bahrain at the forefront of payment innovation. The delegation was briefed on Visa's initiatives and experienced first-hand some of the innovative prototypes.
Known for being a forward-thinking regulator, the CBB has taken the front seat in instigating a progressive payment infrastructure and continuously explores the realms of cutting-edge innovation.
The launch of the Benefit Pay national mobile e-Wallet last year was a key milestone in the digital payments journey.
The app, which was developed by the Benefit Company in its capacity as the kingdom's payment switch and credit bureau provides a wide range of services for both consumers and merchants supported by QR code scanning technology.
In 2015, the CBB in collaboration with the Benefit Company launched the Electronic Fund Transfer System (EFTS) which revolutionised the way frictionless payments are made. Through the EFTS network, all local banks and major billers are interconnected to enable near real-time fund transfer up to BD1,000 via the Fawri+ service.
Additionally, users can opt for other services enabled by this network such as the deferred settlement fund transfer service, which allows users to transfer any amount of money (bank account to bank account) within just a few hours of the business day via the Fawri service as well as having the ability to settle bills in an aggregated manner via the Fawateer service.
On another front, the CBB has earned international praise for its open and proactive approach towards developing a conducive fintech ecosystem, especially with the introduction of its regulatory sandbox and setting up a dedicated fintech and innovation unit to steer such initiatives.
Source: http://www.gdnonline.com/Details/364758/CBB-plans-to-roll-out-national-e-KYC-utility
