NBB first bank to join National eKYC platform mandated by the CBB and operated by Benefit
National Bank of Bahrain announced it has joined the National eKYC (Know Your Customer) platform mandated by the Central Bank of Bahrain and operated by The Benefit Company. NBB was the first bank in the Kingdom to join the platform, which will be used by all financial institutions to simplify and ease client onboarding and KYC maintenance requirements electronically.
In line with NBB’s focus on digital transformation, the Bank continues to demonstrate first mover adoption of new technologies and online solutions that can enhance both its internal operations and processes as well as allowing it to more effectively serve customers and enhance the client experience.
The Benefit eKYC platform is a Cloud-based/Blockchain hybrid solution that provides financial institutions with the ability to retrieve and process client KYC and other data from the related bodies including Bahrain’s Information & eGovernment Authority (IGA) and will also include international screening without the need for a physical presence, document verification or authentication. NBB has been successfully transacting on the platform since it went live on 30 April 2019.
Commenting, Mr. Jean-Christophe Durand CEO of NBB, said, “We are delighted to have been the first bank to come on board with this innovative project as part of our commitment to supporting the vision of the Central Bank to see Bahrain lead on digital developments in the financial services sector and in line with NBB’s role as a market leader and the Kingdom of Bahrain’s national Bank. The adoption of eKYC helps banks realise the digitalisation of a very important part of our business and compliance procedures and will go a long way in streamlining internal processes for bringing on new customers and keeping information on existing clients up-to-date. The focus of NBB’s digital transformation has been to enhance access to our broad range of products, services and solutions for customers through digital channels and this is another critical step in that journey. We’re extremely grateful for the support of the CBB, IGA and Benefit in taking this project forward and helping the industry advance in critical areas for future sustainable growth and greater customer satisfaction.”
Nabeel Mustafa, Head of Network Management & Strategy at NBB said: “Currently to take advantage of the platform, customers can visit NBB’s Main Branch and be on-boarded for a basic account without the need to provide the Bank with any documentation other than a signed consent form and all his/her relevant KYC information will be retrieved from IGA’s centralised repository. The introduction of this service for all customers across the Bank’s branches will soon follow. The next phase of the project will include API integration and richer data to allow for more financial services to be provided to customers through the system.”