The Central Bank of Kuwait issued a circular for local banks to operate the Automated Settlement System for Inter-participant Payments (KASSIP) and Kuwait Electronic Cheque Clearing System (KECCS) during the weekends and the official holidays as from early April.
The move is part of the CBK efforts to ensure the quality and sustainability of the financial services of the banking sector, and enhance the efficiency of the national economy, the CBK said in a press release on Sunday.
The move aims to meet the needs of all segments of the society, according to the statement. KASSIP will be operational from 7:00 a.m. to 11:15 p.m. for bank clients while the interbank KECCS will be working around the clock. The last application for a cheque clearing under the KECCS should be tabled before 7:00 p.m. and reply to it will be received within an hour later, except for CBK cheques, the statement added.