Press Releases

16.04.24Press Statement

Extending Working Hours of the Real Time Gross Settlement System (KASSIP)

In continuous of Central Bank of Kuwait efforts to enhance the quality and sustainability of financial services provided by the banking sector in line with a vision aimed at achieving round-the-clock financial services that accommodate the needs of several segments of the society, and serve all the national economic sectors, CBK, as the operator and regulator of the national payment systems infrastructure, issued a circular to all local banks on 15/4/2024 extending the working hours for the Real Time Gross Settlement System (KASSIP) starting Monday 22/4/2024.

KASSIP is an integrated automated system for gross settlement that allows all banks operating in the State of Kuwait to process inter-bank financial transfers through their accounts with CBK.

It should be mentioned that the extension of KASSIP working hours has begun in May 2023 to start from 7:00 am to 2:15 pm., gradually extended on successive phases following a thorough analysis of the value and volume of financial transactions, until 6:15 pm in February 2024.

The new extension of KASSIP working hours is the second during this year, and the fifth since May of 2023, reaching the total number of extended working hours at the end of the working day to 5 hours.

Pursuant to this decision, local banks should configure their internal systems in synchronization with the new extension so as to enable their customers to make their financial transfers through electronic banking channels from 7 am to 6:45 pm.

Prev CBK Adds 5 New Companies to e-Payment Services Providers, e-Money Services Providers & e-Payment Systems Operators Register
Go Back
Next CBK Hosts a Workshop on Monetary Policy provided by IMF’s Middle East Center for Economics and Finance (CEF)