The Central Bank of Kuwait (CBK) has announced a significant step towards improving the country's banking infrastructure by ensuring the operation of the Automated Settlement System for Inter-participant Payments (KASSIP) and the Kuwait Electronic Cheque Clearing System (KECCS) on weekends and official holidays. The decision, set to take effect in early April, aligns with CBK’s commitment to enhancing financial services and ensuring seamless transactions.

According to a CBK press release, this move aims to provide uninterrupted financial services to meet the evolving needs of individuals and businesses. The KASSIP system will be operational from 7:00 a.m. to 11:15 p.m. for banking clients, ensuring efficient processing of transactions. Meanwhile, the KECCS system, responsible for interbank cheque clearing, will operate 24/7, with the last cheque clearing application accepted before 7:00 p.m., followed by a response within an hour. However, CBK-issued cheques will have separate processing timelines.

This initiative underscores CBK's efforts to strengthen the national economy, enhance financial stability, and ensure seamless banking operations for customers. By extending operational hours, CBK aims to facilitate timely transactions, reduce processing delays, and improve overall banking efficiency.

The extension of KASSIP and KECCS services during weekends and holidays reflects CBK's proactive approach to modernizing Kuwait’s banking infrastructure. This move not only enhances customer convenience but also contributes to the sustainability of financial services across the sector.