The Benefit Company
Encyclopedia
The Benefit Company is the local switch in the Kingdom of Bahrain handling ATM
and POS
transactions. Established in 1997 with a special license from the Central Bank of Bahrain as "Provider of Ancillary Services to the Financial Sector", it is the only financial network of its kind in the country.
In addition to the local switching, Benefit is also connected to GCC Net, the main switch operating on all GCC
countries. A connection was also established with Shetab in 2005; linking all BENEFIT users with Iran
's only switch.
In 2006, the company offered the payment gateway service, integrating more the local banks onto one payment hub allowing banks and their merchants to perform online transactions .
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
and POS
Point of sale
Point of sale or checkout is the location where a transaction occurs...
transactions. Established in 1997 with a special license from the Central Bank of Bahrain as "Provider of Ancillary Services to the Financial Sector", it is the only financial network of its kind in the country.
In addition to the local switching, Benefit is also connected to GCC Net, the main switch operating on all GCC
Cooperation Council for the Arab States of the Gulf
The Cooperation Council for the Arab States of the Gulf , also known as the Gulf Cooperation Council , is a political and economic union of the Arab states bordering the Persian Gulf and constituting the Arabian Peninsula, namely Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates...
countries. A connection was also established with Shetab in 2005; linking all BENEFIT users with Iran
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
's only switch.
In 2006, the company offered the payment gateway service, integrating more the local banks onto one payment hub allowing banks and their merchants to perform online transactions .
Member Banks in the Network
- Arab Bank Ltd.Arab BankingArab Banking Corporation was incorporated as a Bahrain joint stock company on January 17, 1980 through a special decree by the Amir of Bahrain. It obtained an offshore banking unit licence from the Bahrain Monetary Agency on April 7, 1980, and began operations in the same month...
- Bank al HabibBank AL HabibFor the original bank with a similar name, see: HBL PakistanThe Bank AL Habib Limited, run by the Dawood Habib family group of companies, is one of the growing banks in Pakistan. It was selected as one of the top 200 Best Under A Billion companies by Forbes Asia in their annual review of 2005...
- Bank of Bahrain and KuwaitBank of Bahrain and KuwaitThe Bank of Bahrain and Kuwait B.S.C. was established in 1971 in both the Kingdom of Bahrain and the State of Kuwait. Its shareholders consist of the general public and government of Bahrain, and banks and investment companies in Kuwait...
- CitibankCitibankCitibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
- HSBCHSBC Bank Middle EastHSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East. The bank has received several awards in various categories.-History:...
- Shamil Bank of BahrainShamil Bank of BahrainShamil Bank is a Bahrain-based Islamic retail bank licensed and regulated by the Central Bank of Bahrain, with commercial and investment banking activities. It has grown steadily to become one of Bahrain’s leading financial institutions....
- Kuwait Finance House
- National Bank of BahrainNational Bank of BahrainNational Bank of Bahrain was established in 1957 as the first indigenous bank in Bahrain. A nation-wide network of 25 branches, 46 ATMs and over 4,000 Point of Sale terminals in addition to their branches in Abu Dhabi and Riyadh makes NBB the leading provider of commercial and retail banking...
- Standard Chartered BankStandard Chartered BankStandard Chartered PLC is a multinational financial services company headquartered in London, United Kingdom with operations in more than seventy countries...
- Bahrain Islamic Bank
- Ahli United Bank
- Bahraini Saudi Bank
- CitibankCitibankCitibank, a major international bank, is the consumer banking arm of financial services giant Citigroup. Citibank was founded in 1812 as the City Bank of New York, later First National City Bank of New York...
- National Bank of KuwaitNational Bank of Kuwait-The National Bank of Kuwait:The National Bank of Kuwait was incorporated in 1952 as the first local bank and the first shareholding company in Kuwait and the Gulf region. Over the years, NBK has maintained its position as the leading bank in Kuwait and built a well-established banking franchise...
- National Bank of Abu DhabiNational Bank of Abu Dhabi-Sponsorships:NBAD Sponsored as the Official Bank of the 2010 Abu Dhabi Grand Prix, one of the most anticipated events in the international sporting calendar....
- Khaleeji Commercial BankKhaleeji Commercial BankKhaleeji Commercial Bank BSC is an Islamic bank, headquartered in the Kingdom of Bahrain, and operating under a Retail Islamic Banking license granted by the Central Bank of Bahrain . It is a Public Bahraini Shareholding Company listed on the Bahrain Stock Exchange...
- Mashreq Bank
- Al Salam Bank
- Eskan Bank
- ICICI BankICICI BankICICI Bank Ltd. is India's second largest financial services company headquartered in Mumbai, India. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of...
- State Bank of IndiaState Bank of IndiaThe State Bank of India is the largest Indian banking and financial services company with its headquarters in Mumbai, India. It is state-owned. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest...
See also
- SPAN
- Shetab
- ATMAutomated teller machineAn automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
- POSPoint of salePoint of sale or checkout is the location where a transaction occurs...