Kuwait’s largest financial institution National Bank of Kuwait (NBK) has launched SWIFT Payment Controls, a new smart solution that helps in the prevention of fraud, the halting of high-risk payments, and the enhancement of security.
The SWIFT Payment Controls system, which was implemented in NBK-Kuwait and overseas branches, will provide controls such as real-time alerting and blocking of sent payments to detect and prevent high-risk payments, as well as protection by blocking suspicious payments and daily reporting of transaction status and recovery.
“NBK always leads the way in adopting the latest innovations in financial technology with the aim of providing high quality service to its customers. SWIFT Payment Controls is one of the most advanced solutions that will help enhance NBK’s competitive edge in the payment systems domain, thanks to its capabilities in providing real-time monitoring of payments and taking instant action to stop fraudulent transactions. As part of the consistent strides to align with the key pivots of the bank’s digital transformation strategy, we constantly explore new trends in the area of banking technology to improve the quality of our banking services.”
Mr. Al-Kharafi further added that NBK has made significant investments in its payment and transfer systems in recent years as part of its digital transformation strategy.
Further, it is the first bank to introduce the latest technologies in the area of instant payments and transfers in Kuwait, including tracking transfers on its digital channels such as NBK Mobile Banking, NBK Online Banking and NBK Online Corporate Banking, enabling customers to check the status of their transfers online in quick and secure way, he concluded.