KUWAIT CITY, March 17: The Central Bank of Kuwait (CBK) has issued a circular to all local banks regarding the updated working hours for the Kuwait Automated Settlement of Payments between Participants (KASSIP) and the Kuwait Electronic Check Clearing System (KECCS) during weekends and official holidays, effective from the beginning of next April.

In a press statement on Sunday, the CBK explained that this circular is part of its efforts to enhance the quality and sustainability of financial services in the banking sector. The move also aims to improve the efficiency of payment systems in the Kuwaiti economy, thereby strengthening the fundamental components of financial and monetary stability in the country.

The CBK further emphasized that the update aligns with its ongoing efforts to provide round-the-clock financial services, meeting the needs of various segments of society and supporting all sectors of the national economy. As the operator and regulator of the national payment systems infrastructure, the CBK aims to ensure seamless operations.

According to the circular, the operating hours for KASSIP will be from 7 a.m. to 11:15 p.m. For the KECCS, banks will be able to submit customer cheques 24 hours a day. However, to ensure that a cheque is cleared on the same day, submissions must be made by 7 p.m., with responses due by 8 p.m. This does not apply to cheques issued by the Central Bank of Kuwait.

With these changes, local bank customers will be able to complete financial transfers through electronic banking channels from 7 a.m. to 11 p.m. Additionally, interbank transfers can be processed until 11:15 p.m. As for cheques issued in Kuwaiti dinars, they can be electronically collected on the same day if submitted before 7 p.m.