What is KNPS Pro?
To automate and modernize Kuwait National Payments and Settlement process, Central Bank of Kuwait has introduced a new payment platform called Kuwait National Payment System (KNPS). KNPS is an efficient and an advanced electronic payments platform to support new payment instruments. The goal of this new Banking technology solutions in Kuwait is to replace all paper-based manual processes by automating and executing transactions in real time.
This new Automated E-payment systems in Kuwait connects all financial institutions and payment gateways in Kuwait to enhance the efficiency of fund transfers, bill payments and direct debits and is set to roll out in two phases. KNPS is an evolving project model with aggressive implementation timelines from the Central Bank apart from KASSIP and KECCS.
Unity Infotech help you by providing a highly efficient, tried and tested Kuwait banking solution with real-time integration capabilities to solve your KNPS payment challenges called KNPS Pro. KNPS Pro is a web based ISO20022 standard enabled, uniﬁed modular payment platform, which is scalable for KNPS future requirements. This Automated E-payment system facilitates 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.
KNPS Pro is an advanced Banking technology solutions Kuwait can help you meet the evolving expectations of the regulator and thereby enhancing customer experience quickly and effectively by incorporating new enhancements efficiently adhering to the ever-changing regulatory and compliance requirements of the Central Bank of Kuwait.
KNPS Pro is a solution to Kuwait National payment system which dependably processes large transaction volume, high value Kuwaiti Dinar payments for RTGS, batch/bulk low value payments (ACH) and near real time transfers initiated through omni-channels (RPS/MPS). As one of the established banking solution providers Kuwait, Unity’s KNPS Pro facilitates real time monitoring capabilities that lets your operation staﬀ manage the interactions with clearing systems & bank’s channels from a single window application. KNPS Pro is an Automated E-payment systems in Kuwait that allows banks to receive payments from various channels, send transaction data to the KNPS networks (ACH/MPS/RTGS) and post payments directly to the bank’s financial systems.
Unity, one of the trusted E-payment system providers in Kuwait has built this solution on our expertise in servicing various banks in Bahrain through EFTS. With KNPS Pro you can be rest assured of being ready for all current and future regulatory needs in Kuwait.
What makes KNPS Pro unique?
- Modular Payment platform— ACH / MPS / RTGS support.
- Flexible Integration Adaptors for host systems—CBS / Omni channels.
- DNS / NRT processing support Real time monitoring dashboards.
- MT-MX Convertor support.
- STPA / STPG connectivity with CBK
- Dynamic and configurable workflow with definable threshold amounts.
- Auto printing of Customer Advices
- Auto IBAN generation / Validation.
- Flexible Rule Engine, alert Engine – Email / SMS.
- Auto Reconciliation Module Flexibility to enable centralized / decentralization model.
- Security Module with added security & control LDAP Integration.
- Extensive Reporting engine.
- Tried & tested Banking technology solution with successful implementations in 19 banks & Billers.
- Flexibility to integrate with proprietary payments for domestic payments.
- Flexible N-eye workflow configuration.
- Integration with AML systems.
- Act as a complete STP enabler through end-to-end integration.
- A Kuwait banking solution built on state-of-the-art Uniweb.
- Framework of Unity InfoTech, designed for true N-Tier architecture supporting straight through processing (STP) for all cycles
For all your KNPS challenges, upgrade to KNPS Pro!
KNPS Pro – A highly efficient Kuwait banking solution to solve the challenges of Kuwait National Payment System
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 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 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..