BBKCashlink was launched by Bank of Bahrain and Kuwait in 2010. It was designed after extensive research to conquer and help in cash management of advancing and rapidly growing business. It is a cash management tool for the BBKs commercial segment which will help clients to initiate multiple types of payments and provide them with an outlook of their account.
BBKCashlink helps the businesses to oversee the stream of cash flow and reduce the related processing time, thus making the management of the working capital easier and more efficient.
They are the pioneers in just-in-time payments in Bahrain, these are electronic payments made directly to the beneficiary.
Main Benefits of using BBKCashlink:
- Users can make payments in currencies that the bank deals in, other than the Bahraini Dinar. The exchange rate would be dependent on the customers pre-agreement rate with the bank.
- BBK charges no extra fees for using BBKCashlink.
- BBKCashlink is a system that can replicate the workflow of the organization and duplicate it for providing multi-level authorizations.
- Helps in easy Business to Business payments. The user can initiate payments to Electricity & Water Authority, Batelco and Zain.
- Post dated transactions of up to 120 days can be initiated.
- The BBKCashlink also provides the user with as many as 8 reports regarding the account activity.
- One can set up and manage a library of beneficiaries thus making payments to them faster.
- It also helps in communication between the user and bank through messaging via an integrated inbox.
- The BBKCashlink is implemented in a highly customized manner and as per the requirements of the customer.
- There are cut off times for using BBKCashlink, but the transactions will be initiated in the following business day.
Cut Off time for various transactions are as follows:
Direct Debit:Exclusive Services offered through BBKCashlink are as follows:
- The business can collect the receivables through electronic transfer from a payers BBK account, on a fixed schedule.
- It requires a prior note from the payer to BBK to initiate the payment.
Electronic Cheque Printing:
- Issue a cheque securely from anywhere
- No need to maintain and carry cheque books
- Can only be printed in the main branch at Manama.
- The beneficiary can collect it from the bank, or it can also be delivered to the account holders’ house.
The platform offers an opportunity to process payments in 2 ways:
(i) Individual Transactions
- It gives the customer the opportunity to make payments easily to individuals.
(ii) Bulk Transactions
- It gives the customer the opportunity to make multiple payments, these can be given on screen or uploading an excel, text or .csv file.
- The Bulk transactions are reflected as a single debit from the account.
Implementation
BBKCashlink is implemented in any business through a process which makes it easy for the customer to comprehend and utilize the facility to the fullest. The implementation process can be viewed as:
BBKCashlink also offers easy and quick access to nearly 8 reports. The various reports that the customer can access are listed as follows:
- Payment due Report
- Canceled Payments
- Debit Advice Report
- Charge Advice Report
- Pre-Advice Report
- The advice of Credit Inward Remittance Report
- Customer Wise Instrument Status
- Payment Transaction Report
The various collection and payments functions offered by BBKCashlink are as follows:
- Electronic Fund Transfers for various activities.
- It provides various paper instruments as well such as Cashier’s and Demand Draft initiation and BBK corporate Cheque outsourcing.
- It also offers reports which include Transaction and Balance reports, Account Statements, Advice and Alerts through various sources such as Fax, email, SMS.
BBKCashlink uses one of the best and internationally used security systems, these are in-line with the industry practices as well as the best available in the market.
The diverse Security Components of BBKCashlink are:
- It requires an OTP, thus using dual-factor authentication for login and transactions.
- The transaction approval and limits are defined by the user
- It has full browser encryption through 128-bit SSL certificates.
Special Security Component:
- The organization can appoint a Security Administrator, who will be responsible for assigning login credentials and privileges to the users. The security administrator will also be responsible for providing access rights and approval limits to the users.
- For any transaction the BBKCashlink will follow a maker-checker- releaser format this will make sure that the payment will pass through all the phases before being completed. The rights to provide authority to the maker-checker- releaser would be provided by the security administrator.
BBKCashlink has built an eminent reputation as a Cash Management Tool for business and had won Awards like” Middle East e-Government Excellence Award 2011” and “Bahrain e-Government e-content Award 2011”.
