Versatile N-eye workflow configuration
Extensive reporting engine
Integration with AML systems
Complete STP enabler through end-to-end integration
Flexible rule engine, alert engine – email/SMS
Modular payment platform to scale up and implement — ACH / MPS
Tried and tested RTGS module-enabled with ISO20022 messaging standards
Dynamic and configurable workflow with definable threshold amounts
Auto reconciliation module flexibility to enable centralized/decentralization model
Quicker implementation: Built in MT-MX conversion engine
Definable STP / non-STP flows based on configurable rules such as amount, branches, channels, and other data points for end-to-end integrations
Central Bank of Kuwait (CBK) is considering numerous initiatives designed at totally revamping and advancing the IT infrastructure, and guidelines, courses and measures of financial systems in Kuwait to bring them in line with international best practices, and to make them more competent, convenient and safe for all stakeholders.
One of the key initiatives, that is being rolled out in 2019- 20, is the Kuwait National Payment System (KNPS), a tactical mega scheme developed by Central Bank of Kuwait in association with local banks in Kuwait and payment gateways. The KNPS covers many initiatives, including the Government Electronic Banking System (GEBS), which would dramatically enhance efficiency by implementing all government transactions online. The Automated E-payment systems Kuwait is likely to replace the paper-based processes presently in place with an online automated cycle that is both instant and precise. This Banking technology solutions is presently being rolled out into all government bodies. Other schemes covered by KNPS purview consists of Wages Protection System, Digital Currency, and Automated Clearing House Kuwait.
One of the important components, is that start-ups and entrepreneurs could cooperate with and use an Automated E-payment system in Kuwait. Unity Infotech has introduced an efficient, tried and tested Kuwait Electronic payments solution with real-time integration capabilities to solve your KNPS payment challenges called KNPS Pro. The initiative has made Unity one of the banking solution providers Kuwait. KNPS Pro is a web based uniﬁed modular payment platform, which is scalable for KNPS future requirements such as Automated clearing House Kuwait, Automated E-payment systems Kuwait and more. As one of the E-payment system providers in Kuwait, this banking technology solution facilitates Kuwait Electronic payments such as institutional transfers, customer credit transfers, direct debits and electronic bill payment & presentment modules with ﬂexible connectivity options through STPA / STPG to connect to Central Bank of Kuwait for first phase.
As one of the established KNPS providers Kuwait, Unity’s KNPS Pro facilitates real time monitoring capabilities that lets your operation staﬀ manage the interactions with automated clearing house & bank’s channels from a single window application.
Kuwait’s Automated Settlement System for Inter-participant Payments (KASSIP) is a Real Time Gross Settlement (RTGS) system managed and run by the Central Bank of Kuwait, intended to perform high-value transactions, which is also capable of implementing a great capacity of retail or low-value transactions. KASSIP was launched connecting local participating banks and the Central Bank of Kuwait, which uses the KASSIP system to send/receive its own payments as well as those of its clients such as ministries and state institutions.
Another initiative that took place was the KASSIP system that accomplishes different operations, including Processing messages through the SWIFT network and the CBK network (CBKNet), Liquidity Management, Implementation of payment operations, Settlement, Monitoring and preparing reports. Previously, Kuwait Banking Association would enforce banks’ customers to print their cheques via authorised entities and by taking into account that they require to refer back to their bank to offer them with the mandated standards and security features prior to printing these cheques. It is essential to note that in addition to the cheques conforming to the standards and security features, all clients are required to clear their cheques through an automated clearing house ie the new Kuwait Electronic Cheque Clearing System (KECCS), in which the clearing cycle of cheques has been minimized from 3 days to the same day for certain cases or to the next working day in other cases.