Press Releases
Kuwait's Automated Settlement System for Inter-Participant Payments (KASSIP) Goes Live
The new system for settling payments and transactions among banks and financial institutions in the State of Kuwait went live today, performing smoothly in its first day of operation. The new payment system, known as Kuwait's Automated Settlement System for Inter-Participant Payments (KASSIP) is an up-to-date Real-Time Gross Settlement (RTGS) payments' system. Its development in the State of Kuwait comes within the context of the Central Bank of Kuwait's efforts to keep abreast with international trends in this field, so as to ensure the alignment of the local banking and financial system with internationally accepted settlement practices.
KASSIP is expected to bring great benefits to individuals, businesses and financial institutions in regard to payment settlements in the State of Kuwait, by providing for optimally secure real-time transactions.
