Manama, Kingdom of Bahrain: Kuwait Finance House – Bahrain (KFH-Bahrain) recently announced the successful renewal of its Electronic Funds Transfer System (EFTS) services certification, in compliance with the ISO 20022 MX standard.

This step follows the successful completion of technical and operational compatibility tests conducted by BENEFIT, the operator of the Kingdom of Bahrain’s national payment system. The tests were carried out in accordance with the requirements and standards approved by the Central Bank of Bahrain (CBB), confirming that the Bank’s payment systems comply with the latest international standards.

The renewal of this certification reflects the Bank’s continued commitment to adopting international best practices and strengthening its readiness for the future of digital payments. It forms part of the Bank’s strategy to accelerate digital transformation and further develop its payment systems infrastructure, reinforcing its leadership in providing advanced payment solutions and digital banking services to individuals and businesses.

The benefits of this certification extend beyond technical enhancements, delivering direct value to customers by improving the efficiency of payment transactions, enhancing the quality and accuracy of transfer data, and strengthening compliance with regulatory requirements. It also provides customers with a faster, safer and more reliable banking experience, while supporting the development of more innovative and sustainable digital payment services that meet their evolving expectations and future needs.

Commenting on the occasion, Mr. Samih Abutaleb Deputy Group Chief Executive Officer of Technology & Operations – KFH-Bahrain, stated: “The renewal of our certification under the ISO 20022 MX standard represents another important milestone in the Bank’s journey towards advancing digital transformation and strengthening its leadership in digital payments. It reflects our continued commitment to adopting the latest international standards to provide more efficient and reliable services that meet our customers’ expectations.”

Commenting further, he added: “We continue to invest in developing our digital solutions and payment infrastructure to enhance the speed and efficiency of our services, elevate the customer experience and ensure the Bank’s readiness to keep pace with future developments. This further reinforces our position as a leading financial institution in innovation and operational excellence.”

It is worth noting that the ISO 20022 MX is a globally recognised standard for the exchange of financial messages between financial institutions and payment systems. It enables the exchange of more accurate and comprehensive data, contributing to improved payment processes and greater integration between financial systems. The renewal of KFH-Bahrain’s certification under this standard reaffirms the Bank’s continued investment in developing its digital services and providing banking solutions aligned with international best practices, leading to the improvement of the value delivered to customers and strengthening the Bank’s readiness for future requirements.

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