CBK announces launching of automated cheques clearing system

KUWAIT, May 26 (KUNA) -- The Governor of the Central Bank of Kuwait (CBK) Dr. Mohammad Y. Al-Hashel has announced that the CBK's Board of Directors has approved the new "Automated Cheques Clearing System" to replace the current manual one as of June 14th.
The approval of the new system comes within the framework of the CBK's relentless efforts to develop the banking sector and automate banks' activities and services, Al-Hashel told KUNA Tuesday.
He noted that the CBK, in cooperation with local banks, have started preparation for the application of the new system for two years.
Al-Hashel pointed out that the new system applies the world's best practices with regard to automation of cheques clearance and safety and security measures in accordance with Kuwaiti laws.
The automated clearing of cheques will significantly reduce time of cheques payment from four working days, in the current system, to only one working day, he said.
He underlined that the new system would signal a leap in the Kuwait economy's payment systems and the banks' management of liquidity which in turn would boost the financial stability in the state. (end) fnk.hb.ibi