NBB first to join eKYC

The National Bank of Bahrain has become the first bank in the Kingdom to join the National eKYC (Know Your Customer) platform, the bank said in a statement. The platform mandated by the Central Bank of Bahrain and operated by The Benefit Company will be used by all financial institutions to simplify and ease client onboarding and KYC maintenance requirements electronically.

The platform, a Cloud-based/ Blockchain hybrid solution, provides financial institutions with the ability to retrieve and process client KYC and other data from the related bodies including Bahrain’s Information and eGovernment Authority (IGA). It will also provide international screening without the need for a physical presence, document verification or authentication.

Commenting, Jean-Christophe Durand CEO of NBB, said, “We are delighted to have been the first bank to come on board with this innovative project.” To take advantage, Nabeel Mustafa, Head of Network Management & Strategy at NBB said, customers can visit NBB’s Main Branch and be on-boarded for a basic account without providing any documentation other than a signed consent form.

The introduction of the service for all customers across the Bank’s branches will soon follow. The next phase of the project will include API integration and richer data to allow for more financial services to be provided to customers through the system.