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Benefit has launched a Digital Direct Debit service to streamline credit assessment and automated loan repayments.
The new system allows banks, financing firms, and insurers to set up electronic recurring debit arrangements, reducing reliance on manual paper-based processes for collecting loan instalments and insurance premiums.
By integrating payment infrastructure with the Bahrain Credit Reference Bureau, the platform links credit scoring directly with automated collections, helping financial institutions lower operational costs and improve debt recovery rates.
“The growing interest in Digital Direct Debit among banks and financing companies reflects the market’s continued shift toward more seamless and digitally enabled lending journeys,” said Bahrain Credit Reference Bureau assistant general manager Latifa Al Mutawa.
Shafaq Al Kooheji, assistant general manager of payment services at Benefit, noted that the service extends beyond retail banking to the insurance sector, enabling automated premium collection under pre-authorised customer schedules.
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