Manama: The Social Insurance Organisation (SIO) has launched new services in cooperation with BENEFIT, the leading financial technology and electronic financial transactions service provider in Bahrain, through an International Bank Account Number (IBAN) verification service that enables the SIO to electronically verify beneficiaries' bank account details after obtaining their consent.
According to Bahrain News Agency, the service provides a direct and reliable mechanism for verifying the validity of the IBAN and its link to the beneficiary, reducing the need to submit paper documents and complete manual reviews previously required under the procedures. This contributes to reducing the time and effort required to process applications, improving data accuracy, and limiting delays resulting from incomplete or incorrect banking information.
Sahar Rashid Al Mannai, CEO of the SIO, said that the Organisation's cooperation with BENEFIT comes as part of its efforts to update work mechanisms and benefit from technological solutions that support the integrity of procedures related to the disbursement of insurance entitlements. She noted that verifying bank account details is particularly important in ensuring that entitlements are directed to their beneficiaries based on reliable information, safeguarding beneficiaries' rights and reducing observations that may affect the completion of their transactions.
She added that through the initiative, the SIO seeks to establish an institutional approach that combines procedural accuracy and service quality, while keeping pace with the Organisation's responsibility towards the various groups covered by social insurance schemes.
Abdulwahed Al Janahi, CEO of BENEFIT, said that the true value of financial technology lies in its ability to provide practical solutions to challenges facing institutions and those who deal with them, and transform procedures into more efficient and streamlined processes. He said BENEFIT's cooperation with the SIO reflects the company's commitment to leveraging its advanced infrastructure and technical expertise to support national institutions in carrying out their duties, in line with beneficiaries' needs and growing expectations for completing their transactions easily and quickly.
He added that the cooperation also underscores the importance of integration between government entities and the financial sector in building an interconnected system that places beneficiaries at the centre of its priorities and supports Bahrain's digital transformation with the highest levels of reliability and efficiency.
The launch of the service comes as part of the efforts of the SIO and BENEFIT to simplify transactions and improve the efficiency of services provided to beneficiaries, as well as accelerate the processing of applications related to insurance entitlements and other transactions requiring verification of bank account details.
Automating the process also contributes to reducing manual data entry and review, allowing resources to be directed towards other priority tasks and enhancing operational efficiency and the quality of completed transactions.