The Central Bank of Kuwait (CBK) announced on Sunday that an extension for the working hours of the real-time gross settlement system between participants, and the Kuwait Electronic Cheques Clearing System.
In a press release, the CBK indicated that the extension of working hours of the Real TimeGross Settlement System (KASSIP) between participants, and the Kuwait ElectronicCheques Clearing System (KECCS) would contribute to the development of the banking sector and settlement system in the country.
Extending working hours for the KASSIP system for example would allow more transactions among banks, reflecting positively on the banking sector, and would increase accepted and deposited cheques in clients’ accounts during the same working day, added the CBK. – KUNA