Press Releases

24.12.23Press Statement

Kuwait Clearing Company joins Real Time Gross Settlement System (KASSIP)

The Central Bank of Kuwait (CBK) announced that Kuwait Clearing Company (KCC) has now joined the Real Time Gross Settlement System (KASSIP), effective Sunday 24/12/2023 upon completion of automated linking and passing the technical tests. The system would thereby execute final settlements for financial transactions conducted through Maqasa company. This step was made possible through cooperation on the part of the CBK, Capital Markets Authority, and KCC.

Kuwait Clearing Company is the first financial institution to board the system, which had since its launch in 2004 been limited to gross settlement of financial transactions among local member banks. KCC’s boarding KASSIP would support financial transactions and enhance security and safety of final financial settlement transactions.

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