KUWAIT: The Central Bank of Kuwait (CBK) has issued a circular to all local banks regarding the operation of the Kuwait Automated Settlement System for Interbank Payments (KASSIP) and the Kuwait Electronic Cheque Clearing System (KECCS) during weekends and official holidays, effective from April. In a press statement on Sunday, CBK affirmed that the directive aligns with its ongoing efforts to enhance the quality and sustainability of financial services in the banking sector. The initiative is part of the bank’s broader strategy to improve the efficiency of payment systems, reinforcing key components of financial and monetary stability in Kuwait.
The CBK emphasized that the move is also aimed at ensuring the availability of financial services around the clock to cater to the diverse needs of individuals and businesses. As the regulator and operator of the national payment systems infrastructure, the CBK remains committed to fostering seamless financial transactions across the economy. According to the circular, the operating hours for KASSIP will be from 7:00 am to 11:15 pm, allowing bank customers to conduct financial transfers through electronic banking channels within this timeframe. Interbank transfers will also be available until 11:15 pm.
Regarding KECCS, CBK stated that banks will be able to submit customer cheques 24 hours a day. For same-day cheque collection, submissions must be made by 7:00 pm, with responses provided by 8:00 pm. However, this excludes cheques issued by the Central Bank of Kuwait. With these enhancements, cheques issued in Kuwaiti dinars can be processed electronically on the same day if submitted before 7:00 pm, further streamlining banking transactions and improving financial accessibility for consumers and businesses alike. — KUNA
