National Bank of Bahrain (NBB) has announced the signing of an MoU with Benefit Company to offer a market leading direct debit solution to its business customers.
The service offers a host of value added features to streamline and enhance the collection process. Business customers are currently dependent on their payors on the timing and mode of payment (cheques/cash/transfers, etc.), often creating delays and reconciliation challenges. Through direct debit tools, business customers can now obtain control of when they want to pull funds from their payor accounts as per mutual agreement. This ensures faster collection as well as eliminating reconciliation requirements, said a statement.
Jean-Christophe Durand, CEO of NBB, said: “We are delighted to have this partnership that will allow our business customers an innovative solution to help them digitise their collections and reconciliation processes. This is part of our promise and commitment to support their growth and help them in meeting their business goals and objectives. An integral part of NBB’s transformation strategy has been to ensure that we are providing state-of-the-art solutions to all our customers.”
Hisham Al Kurdi, chief executive, Corporate Institutional and Investment Banking, added: “New digital solutions like this and our previously launched Business Online Banking last year are critical to helping businesses modernise and in the process, become more productive, efficient, and in turn maximise their potential and contribution to Bahrain’s economy. We look forward to rolling out this service alongside Benefit as this partnership will further strengthen our transaction banking offering and will continue to be our focus area as we grow our franchise.”
Abdulwahed Al Janahi, CEO Benefit, said: “We are happy to utilise our market leading payment platforms and service capabilities to help NBB bring this innovative online service to its business customers. We will work closely together with NBB’s business customers to ensure they can maximum the value and benefits from this resource. This will include the provision of strong customer services support and training to allow users to confidently modernise this important aspect of their business and fully leverage the many features for enhancing and automating the billing and payment process for greater time and cost savings and overall enhanced efficiency.”