Kuwait Finance House and Commercial Bank Sign Electronic Linkage Protocol

As part of the partnership and enhancement of cooperation between the public and private sectors, Al-Ehtiamad Bank announced the signing of a cooperation protocol for electronic linking with Commercial Bank, to facilitate direct transfers between the two banks for loans granted by Kuwait Finance House.

In a press statement on Wednesday, Acting General Manager of Al-Ehtiamad Bank, Sultan Al-Dabbous, said that the agreement follows the protocol signed on March 3, 2016, continuing Al-Ehtiamad Bank’s efforts to expand its electronic linking network. He noted that direct payment transfers are the primary tool relied upon by banks and regulatory authorities in the Gulf to achieve digital transformation goals, replacing the traditional mechanisms of issuing checks or visiting branches.

Al-Dabbous clarified that the agreement involves linking the technical systems of both banks to ensure real-time data synchronization and automatic notifications to customers at the due date, thereby supporting financial inclusion and the integration of digital systems.

He emphasized the importance of this step, which aligns with the broader trend of enhancing digital transformation in the public sector and reducing procedural burdens, in line with the directives of the Central Bank of Kuwait and other Gulf central banks to reduce reliance on paper checks and expand the use of electronic payment methods.