Central Bank of Kuwait (CBK) has launched an e-payment service as it eyes an increasing foray into digital technology to complete banking transactions, its chief Dr. Mohammad Al-Hashel said Monday. Such platforms as the Kuwait Automated Settlement System for Inter-participant Payments (KASSIP), help keep the local banking sector on an upward trajectory, given the CBK’s plans to keep pace with rapid advances in technology, he said in a press release.
The new digital service, characterized by its efficiency and simplicity, is one of a “series of projects geared to entrench financial stability in the country,” the CBK chief added, saying such projects aim to assemble an “integrated network of electronic payment systems at par with international standards.” An example of such would be the (ISO20022); related to Financial and Payment Messages, and the Bank of International Settlements’ Principles for Financial Market Infrastructures (PFMIs). The service also employs best practices in payment systems. The new system, bolstered by fraud prevention measures and protection of online user data privacy, comes with high security standards, “creating a technical environment that allows for exchange of payment messages,” Al-Hashel noted.
KASSIP also allows banks to issue reports on and monitor payment settlements through a designated electronic platform. Furthermore, the new system enables all local payment and transfer transactions among banks operating in Kuwait and to customers’ accounts to go through within seconds, and also enables instantaneous settlement of banks’ daily balances. The update lays the ground for future expansions geared to integration with other payment systems at a greater and more flexible level. The COVID pandemic has prompted Kuwaiti state bodies to digitize their operations as part of efforts to boost productivity and replace outdated paper-based transactions.
Source-KUNA
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