Under the patronage of Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain and Dr. Abdul Rahman bin Abdullah Al Hamidi, Chairman of the Board of Directors of “Bani” (the payment system managed by the Regional Corporation for Clearing and Settlement of Arab Payments, owned by the Arab Monetary Fund), Abdul Wahed Al Janahi, CEO of The Benefit Company Provider of support services to the financial sector in the Kingdom of Bahrain, and Mahdi Manea, CEO of the “Bunna A memorandum of Understanding to establish a cooperation between the two institutions.
According to the Memorandum of Understanding, Bani and BENEFIT aim to connect their payment services, “Bani” and “The Instant Money Transfer Network in the Kingdom of Bahrain”, to achieve the connection between the largest number of payment services and networks instant multiple payment through innovative solutions to facilitate the implementation of instant cross-border payments in all countries, in line with the highest international compliance standards. The joint cooperation also aims to streamline the flow of payments across borders between the Kingdom of Bahrain and the Arab world and improve Different use cases such as people’s remittances and digital commerce, this interdependence will also support the spread of benefits Instant cross-border payments to individuals and companies, and strengthen economic ties in the Arab world and with other countries the scientist
Speaking on this occasion, Mahdi Manea, CEO of Bani Foundation, “This important collaboration with The Benefit Company builds on our commitment to further progress to be a strategic center for instant payment linking between various national payment systems in the region Arabic and beyond. He added: “We are delighted to work alongside BENEFIT as we are aligned with the same principles The vision of developing innovative cross-border payment solutions that enhance the user experience. On this occasion, we would like to thank the Governor of the Central Bank of Bahrain and our esteemed Bank colleagues for their continued support to Lubna.
For his part, Abdul Wahed Al Janahi, CEO of The Benefit Company, said: “We are very pleased to sign this important memorandum which will open wide horizons for immediate cross-border financial transfers and payments through the establishment of a gateway connecting the The National Payments Network and the “Bani” network, which is supposed to connect Arab countries and then the rest of the countries of the world,” he added, “this innovative initiative will certainly help to enhance and accelerate trade exchanges and individual remittances between countries of the Arab region and we look forward to completing all technical and administrative requirements to operate this service in the near future”.
