Kuwait Bank Settlement System to Operate on Weekends and Holidays
Kuwait City, 17th March 2025: Kuwait Bank Settlement System to Operate on Weekends and Holidays Starting April 2025.
In a move aimed at enhancing the efficiency and sustainability of the country’s financial sector, the Central Bank of Kuwait (CBK) has announced that Kuwait’s banking systems, specifically the Automated Settlement System for Inter-Participant Payments (KASSIP) and the Kuwait Electronic Cheque Clearing System (KECCS), will operate on weekends and official holidays starting in early April.
The Importance of the New Banking System Hours
The CBK’s new circular ensures that both KASSIP and KECCS will remain functional throughout the weekend and on holidays, offering greater flexibility for businesses and individuals who rely on seamless financial transactions. This shift aligns with the CBK’s vision to elevate the quality of services provided by Kuwait’s banking sector, contributing positively to the overall health of the economy.
The decision comes as part of the CBK’s continuous efforts to modernize Kuwait’s banking infrastructure, ensuring that it meets the evolving demands of the population and remains competitive on the international financial stage.
KASSIP and KECCS Service Timings
– KASSIP Operational Hours: The KASSIP system, which is essential for inter-bank payments, will be available from 7:00 a.m. to 11:15 p.m. for bank clients. This extended operating window provides a critical advantage to businesses and customers who need to settle payments outside of traditional banking hours.
– KECCS Operational Hours: The KECCS, responsible for clearing electronic cheques between banks, will be functioning around the clock, ensuring that cheque transactions are processed efficiently at all times. However, any cheque clearing applications made through KECCS must be submitted before 7:00 p.m., with replies expected within an hour—except for cheques drawn on the Central Bank of Kuwait.
Enhancing Customer Convenience
The new schedule is expected to have significant benefits for both personal and business banking customers. Businesses operating on tight deadlines or in different time zones will appreciate the ability to execute payments and process cheques during traditionally off-hours. Furthermore, individuals will no longer be restricted by the standard workweek, allowing for increased flexibility when managing their finances.
Supporting National Economic Growth
This operational change is not just a customer convenience measure but also an effort to bolster the national economy. By improving the efficiency of financial systems and ensuring continuous access to banking services, the CBK aims to stimulate greater financial inclusion and support the economic activities that drive Kuwait’s growth.
The ability for the settlement systems to operate during weekends and holidays also plays a pivotal role in reducing delays and enhancing overall financial stability in the country. The move is a strategic step toward making Kuwait a more attractive destination for international investment, offering financial services that are on par with global standards.
Kuwait Bank Settlement System to Operate on Weekends and Holidays
With the Central Bank of Kuwait’s latest initiative to extend banking hours for the KASSIP and KECCS systems, Kuwait is demonstrating a strong commitment to improving the functionality and accessibility of its financial services. Starting in April, these changes will ensure that the banking sector remains adaptable, reliable, and capable of meeting the needs of a dynamic society, ultimately supporting the ongoing development of Kuwait’s economy.
