The Benefit Company is the backbone of the Financial Industry of Bahrain and is focused on adding value and investing in the prosperity of the financial community. It was established in November 1997, by seventeen commercial banks in Bahrain who are the sole shareholders in the company with National Bank of Bahrain and Bank of Bahrain and Kuwait holding more than fifty per cent of the company’s shares. BENEFIT is licensed by the Central Bank of Bahrain (CBB), under a special license, as a ‘Provider of Ancillary Services to the Financial Sector'. Furthermore, it is administered by a Board of Directors representing the shareholders on a proportional basis. The company’s paid-up capital holds a value of 800,000 Bahraini Dinars (approx. 2 million US dollars).

The initial objective of the company was to take over the national ATM switching system, which was originally set up and operated by the CBB. This system has been expanded to encompass GCC-wide, cross-border ATM sharing under the GCCNET arrangement, as well as the switching of local debit card transactions at the Point of Sale (EFTPOS). As BENEFIT was growing, the company started handling the switching of American Express ATM transactions in Bahrain, Qatar, UAE and Kuwait. Furthermore, on-line bill payments from BATELCO are also switched by BENEFIT. The company is considered to be the clearing house in Bahrain and handles settling all of the switched transactions.

BENEFIT diversified service bundle include the National Bulk Payment system. The company has designed and developed both Direct Debit and Direct Credit system whereas the mandates are maintained and processed centrally. BENEFIT’s Payment Gateway is another value adding service that the company offers. It provides merchants, corporate and government entities to interact with their individual customers to process and settle online Credit and Debit cards payments via Internet or any other electronic channel with protection and integrity throughout a complete payment process cycle. In addition, BENEFIT has launched the national Credit Reference Bureau as part of its continuous attempts to contribute to the prosperity of the financial market in Bahrain. 

BENEFIT is actively studying new projects and will launch selected initiatives in the near future.