CBK has developed a system that serves government entities to ensure prompt processing, accuracy and efficiency of financial transactions for the participants, whereby these entities can make financial transfers and receive responses automatically and in real time. In addition, financial transfers and account balances shall be tracked directly with no need to refer to CBK. Thus, this system will enable the government entities to:
- Perform bank transfers in a prompt, accurate and efficient manner.
- Maintain confidentiality of information, as access to the system is restricted only to the personnel authorized by the government entity.
- Demonstrate payment orders to the entity’s financial controllers through the automated system in order to ensure integration of the implemented procedures.
- Retrieve historical data and print bank notices and account statements in real time.
- Separate bank accounts of the government entity, while assigning those authorized to access and make financial transfers between those accounts or to any other account approved in the system.
- Strengthen the system's internal supervision tools through the following:
- Defining a matrix of authorities that enable financial transfers that must approved by three different levels.
- Fixing the daily ceiling of the financial transfers for beneficiaries from non-governmental entities, based on the volume and value of transactions for each government entity.
- Defining or canceling beneficiaries’ accounts in the system, whether with CBK or local banks, after entering the data, reviewing it by the government entity, and having it approved by CBK, according to the attached addition or cancellation request approved by the authorized signatories.