Central Bank launches ‘KASSIP’

The Central Bank of Kuwait (CBK) launched the new Kuwait Automated Settlement System for Interparticipant Payments (KASSIP) which aims to enhance the banking environment in the country in line with ongoing development of payment systems, the CBK Governor Dr. Mohammad Y. Al-Hashel stated.

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 international standards and criteria in the field of payments and settlement, he added.

The Governor noted that all stages of implementing the system, conducting final assessments and tests, and training of concerned CBK and local banks’ staff had been completed as part of ongoing development of the payments systems’ infrastructure in the State of Kuwait. Such projects fall within continuous CBK efforts to provide a safe and secure technical environment.

In terms of specific enhancements, Dr. Al-Hashel said the new system is at par with a new generation of auto-settlement systems and complies with international standards such as the (ISO20022) related to Financial and Payment Messages, and the Bank of International Settlements’ Principles for Financial Market Infrastructures (PFMIs).