Central Banking

Kuwait launches new interbank payment system

Central Bank of Kuwait
Francisco Anzola

The Central Bank of Kuwait launched a new instant interbank payment system on August 30, equipped with new encryption technology.

In a statement, governor Mohammad Yousef Al-Hashel said the new system would allow for transactions to take place in seconds. Banks’ daily balances will also be settled instantaneously, he said.

“This was one of a series of projects geared to entrench financial stability in the country through an integrated network of electronic payment systems at par with

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