CBK launches Kuwait Wage Payment and Protection System (KWPS)
. . . to establish an integrated national platform to process and monitor wage transfers for private-sector employees
The system aims to establish an integrated national platform to process and monitor wage transfers for private-sector employees. It enhances transparency, efficiency and the speed of wage payments through local banks electronically. It is the third system launched under the second phase of the Kuwait National Payments System project.
The Central Bank of Kuwait (CBK) announced on Monday the launch of the Kuwait Wage Payment System (KWPS), one of the strategic projects included in the second phase of the Kuwait National Payments System project, which is managed and operated by the Central Bank of Kuwait, reports Al-Jarida daily.
In a press statement, the Central Bank of Kuwait said the launch of KWPS comes as part of its strategy to develop payment infrastructure, strengthen digital transformation and enhance the efficiency of the banking sector, supporting the state’s efforts to develop an advanced national payments system.
The system aims to establish an integrated national platform for processing and monitoring wage transfers for private-sector employees through local banks, allowing wages to be paid electronically in a secure and reliable manner. The Central Bank of Kuwait will oversee the technical and operational management of the system, while the Public Authority for Manpower will supervise and monitor employers’ compliance with the provisions of the Wage Protection System. This strengthens integration between the two entities and raises levels of efficiency and governance.
The system uses the latest technologies in payment systems and complies with international standards for financial messaging, ISO 20022, representing a major step in developing the country’s financial infrastructure. It also enhances transparency, efficiency and the speed of wage payments through local banks, enables electronic tracking of wage payments, and contributes to strengthening the efficiency and governance of wage-payment operations.
