The platform will be used by all financial institutions operating in the Kingdom to simplify and ease client onboarding and KYC maintenance requirements electronically.
Thursday 11, July 2019
The National Bank Bahrain (NBB) has joined the National eKYC (Know Your Customer) platform mandated by the Central Bank of Bahrain (CBB) and operated by The Benefit Company.
NBB stated that Benefit’s eKYC platform is a cloud-based solution that provides financial institutions with the ability to retrieve and process client KYC and other data from the related bodies such as Bahrain’s Information & eGovernment Authority (IGA) as well as initiating international screening without the need for a physical presence, document verification or authentication.
Jean-Christophe Durand, the CEO of NBB, said, “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.”
NBB is the first banking and financial institution in the Kingdom to join the platform.