KFH applies centralized group SWIFT network system

Improve customer service, business excellence, mitigate operational liabilities

KUWAIT CITY, June 18: In continuation of its excellence in launching strategic initiatives and innovative financial solutions that cope with the latest banking industry technologies, KFH has launched a centralized SWIFT network system for global payments at the group level. This system would improve business excellence, achieve cost optimization, focus on technical expertise and invest the same in strategic initiatives to provide the best customer service.

Group Chief Operations Abdullah Abu Al-Hous said that “KFH has managed to add most of its worldwide spread branches under

Abdullah Abu Al-Hous

one umbrella in cooperation with SWIFT without changing any transfer channels or banking correspondence related to the network. He indicated that his strategic change shall minimize repeated expenses charged to the group and cause a remarkable saving in financial resources and technical expertise and provide more opportunities to focus such efforts on better projects and initiatives that would achieve the best interest of customer and improve performance in accordance with the highest global standard in regard to speed, quality and safety.

Renewal

Abu Al Hous added in a press release that adopting this idea has come following a thorough research on how to benefit from similarity of systems and services at the group level. These systems include the correspondence network “SWIFT” that connects all world banks in a safe manner. KFH has succeeded in implementing a Centralized SWIFT System. These systems and subscriptions were connected to each group banks separately including Bahrain, Malaysia, Germany and Turkey, thus resulting into system update expenses or annual subscription renewal expenses or operational expenses. He emphasized that the centralized SWIFT network has contributed to cutting down expenses by more than KD 0.5 million over 5 years.

He indicated that KFH is continuing its cost optimization policy, thus benefiting from the competitive advantages which it enjoys including geographical existence in 7 global locations with more than 485 branches, more than 1,000 ATM and 15,000 employees. This step would unify efforts and achieve benefit from expertise and projects applied by the group banks e.g. the XTM system which has spread widely in Kuwait. He added that KFH Group has applied this service 5 years back in KFH Turkey and received a patent recognition in this respect.

Abu Al-Hous reiterated KFH keenness to enhance and develop technological systems and banking services in accordance with the latest digital products strategy, thus providing a new customer service channel and achieving an added value for its banking transactions. KFH shall continue to cope with the latest infrastructure developments to provide financial solutions and services according to the highest global standards. He emphasized that most of KFH products and systems in various sectors have achieved leading and pioneering positions in the market.