Kuwait Finance House (KFH) has successfully upgraded its systems in line with the new remittances language used globally in SWIFT financial messaging network among banks (ISO20022). With this new upgrade, KFH aims to offer a fast and secure customer service, utilizing its systems, capabilities, and technical infrastructure to enhance the move towards digital transformation.
Tahani Al-Khamees, DGM- Transaction Banking Operations at KFH, said that KFH has conducted practical tests to affirm the Bank’s compatibility with ISO20022. KFH has also succeeded in activating an integrated technology in record time and with world-class standards.
Al-Khamees added that KFH is one of the first banks to implement the new technology that facilitates performance and accelerates the transaction and remittances process, in addition to achieving maximum benefit of SWIFT system, the basis of interbank transactions around the world.
“The MT system language has been changed to MX. In addition, all ISO20022 standards required by SWIFT were applied. KFH systems were matched with the remittance language used globally. This includes clearer and more accurate and comprehensive information that contribute to a faster completion of wire transfers, ensuring the integrity of operations and avoiding delays or halts." said Al-Khamees.
She pointed out that implementing the upgrade in record time reflects the excellence of KFH's human and technical capabilities in addition to the flexibility and development of its technical infrastructure. The fast integration of ISO20022 standards also highlights the ability of KFH’s infrastructure to accommodate new add-ons and the continuous development efforts of keeping pace with the latest developments in the banking technology and complying with international standards and requirements.
Al-Khamees stressed that the technological development serves customers and improves their banking experience by utilizing the latest Fintech services, pointing out that KFH is a leader in offering unique digital services to meet its customers’ aspirations and interests.
KFH continues its constant efforts towards enhancing the digital transformation strategy and digitizing all the banking services it offers to individuals and companies through consecutive steps contributing to the development of its banking and financing services and products according to the highest international standards, which enhances KFH’s position, expands its market share and achieves customer satisfaction.