The Central Bank for Bahrain (CBB) has launched a particular network to connect many retail banks inside Kingdom of Bahrain within the Bank’s efforts to enhance and develop the consumer banking sector in line with global standards for repayment systems and remittances. The network will serve as the major contact place for all retail finance institutions in the Kingdom of Bahrain with the Central Lender of Bahrain to complete RTGS between banks. The current Quick system will be maintained as a precautionary gauge.
The launch of this brand new network is a phase towards enhancing the freedom of payment solutions and remittances in line with world wide best practices in this field. This strategic step also supports the readiness with infrastructure in the Business to attract other providers in the future. The multi-level will facilitate the actual Kingdom’s connection to the West Payment Network, that will enter into force quickly.
“The project of establishing a personal network between the standard bank and financial institutions is just about the most important strategic assignments that the Bank is actually keen to implement,In . said Dr. Huda Hussain Alabama Maskati.