Kuwait hosts GCC payment systems technical committee meeting

Kuwait hosts today the 48th meeting of Gulf Cooperation Council’s (GCC) payment systems technical committee as part of cooperation and integration among GCC central banks and monetary agencies. The three-day event will tackle a number of vital issues including the follow-up of linking the payment systems project in the GCC countries, a press release from Central Bank of Kuwait (CBK) said yesterday.

This project represents an extreme importance in achieving the goals and strategies of central banks in the region in implementation of the settlement of financial transfers, both individual and commercial, among GCC states in a fast and secure way, which would positively impact on their peoples, it added. The project will also contribute to the decrease in the cost of purchasing and selling operations through bank cards.

The committee’s meeting will also discuss issues related to the GCC network and means to improve the services in order to facilitate the payment and purchasing operations for all ATM card holders in all GCC countries’ markets.

It will also follow up on the latest developments in the information security and means to develop the security aspects related to exchange of information among GCC countries, taking into consideration the growing importance of such matter in the banking and financial field. CBK applauded the active role of central banks in GCC monetary institutions in order to develop and improve the GCC’s economies to achieve prosperity and progress in GCC nations.