Central Bank Introduces KWPS System
The Central Bank of Kuwait has launched the Kuwait Wage Protection and Payment System (KWPS) with the aim of enhancing the efficiency, speed, and transparency of salary disbursements for private sector employees, protecting their rights, and supporting the regularity of salary payments. The system is part of the second phase of the Kuwait National Payments System project and is the third system introduced by the bank, following the Automated Clearing System (KACH) and the Auction Management System (KDMS). It is built based on international standards such as ISO 20022 to develop a reliable national payments infrastructure. The system contributes to supporting financial inclusion and digital transformation, as well as increasing oversight of early payment operations, in line with best international practices.
Notice: This Is an AI-Generated Summary
Comments (0)