October 3, Manama (BNA): The Real-Time Gross Settlement (RTGS) System will remain operational during the public holidays beginning Friday, October 3, according to a statement released by the Central Bank of Bahrain (CBB). In order to settle Fawri transactions handled by The Benefit Company (BENEFIT), a daily morning settlement session is intended to be made possible during public holidays. Even on public holidays, users can now send and receive transactions totaling more than 3,000 BD using the Fawri service.
CBB enables settlement of Fawri service during public holidays
In light of this, Hesa Abdulla Al Sada, Executive Director of Central Banking and Macroprudential Oversight, reaffirmed the CBB’s dedication to the ongoing advancement of payment services by collaborating closely with the banking industry and putting policies and programs into place targeted at improving payment systems and financial market infrastructures in order to meet the intended economic goals.
As the CBB has instituted a morning session for the settlement of financial transactions in the RTGS system, she continued, this strategic initiative aims to give customers an extended period of time to make electronic fund transfers and payments through the Fawri service. During public holidays, retail banks will credit the receivers’ accounts with the funds transferred and paid through the Fawri service.
