Kuwait Finance House (KFH) announced that it completed the development of all systems and technical infrastructure to comply with the number of the International Bank Account Number (IBAN) that aims to globally standardize the structure of banking accounts, which will allow banks to operate fast and accurately while executing local and international financial transactions.
KFH’s AGM for IT Sector Waleed Al-Hassawi stated that as a result of KFH keenness to meet the instructions of the Central Bank of Kuwait (CBK), KFH developed its technical systems concerning IBAN, which makes KFH one of the first local banks that implement that system. He expected that KFH will complete all procedures in collaboration with the CBK before the time limit set by it by the beginning of next year. He stressed that KFH’s constant interest to meet technological developments in the banking industry has assisted it in complying with the local and international supervisory requirements. he went on to say that this step aims to facilitate the procedures required to make transactions locally and internationally, ensure the accuracy of financial transactions, boost banking services offered to clients, and decreasing cost through limiting manhandling. He stated that KFH’s high number of clients is a challenge in itself to comply with the system, but the bank can overcome this challenge because of its high-caliber employees and technical abilities.
Moreover, Deputy AGM for Operations Anwar Al-Gheith noted that extensive workshops have been held to determine the work mechanism according to the instructions of the CBK, and added that once the new procedures are launched, KFH’s clients will be able to receive their IBAN numbers regarding their banking accounts at KFH. He explained that applying this mechanism will lead to speeding and facilitating the flow of transactions among banks, according to the tight supervisory procedures, and mentioned that those banking transactions include transactions among banks in Kuwait, transactions coming from banks outside Kuwait to the accounts of the beneficiaries in local banks in Kuwait, and the transactions made by banks in Kuwait to the accounts of the beneficiaries who have accounts in banks overseas that implement the IBAN system. However, he added that applying the new system does not require changing bank accounts of the clients or contacting them to make the change, since KFH will automatically issue the IBAN numbers directly. He announced that KFH clients can receive their IBAN numbers in November through visiting www.kfh.com, calling the Call Center at 1803333, visiting the branch, or using Fax On Time service.
It is worth noting that Global Finance Magazine awarded KFH Best Electronic Bank in Kuwait for 2010 among banks in Middle East and Africa, after it viewed the high number of advanced projects that the bank applies in that field. In addition, Citi Bank also awarded KFH for its leadership in electronic payments systems.