Bahraini fintech company BENEFIT has launched a Digital Direct Debit service designed to connect credit assessment with the electronic collection of recurring loan repayments.
The service allows banks and financial institutions to set up recurring debit arrangements digitally for instalments and scheduled payments. According to the company, this can reduce reliance on manual and paper-based processes while giving customers a simpler way to manage monthly obligations.
The offering combines BENEFIT’s payment capabilities with the Bahrain Credit Reference Bureau’s credit information services. The company said the integration supports more informed lending decisions and provides a unified process for managing repayments.
Latifa Al Mutawa, Assistant General Manager of the Bahrain Credit Reference Bureau, said the service responds to growing interest from banks and financing companies in more digitally enabled lending processes.
Shafaq Al Kooheji, Assistant General Manager of Payment Services at BENEFIT, said the service can also support recurring collections in sectors such as insurance, including premium payments.
Source: My Startup World
