back Back

Kuwait Finance House launches SWIFT payment controls service

By Leandra Monteiro

July 27, 2021

  • Kuwait
Share

KFH, Kuwait Finance House, banking, digital banking, KFHOnline, SWIFT Payment ControlsKuwait Finance House (KFH) has launched SWIFT Payment Controls service that focuses on outgoing payments by helping in mitigating fraudulent attacks by detecting and preventing high-risk payments and supporting recovery. The new service is in line with KFH`s digital transformation strategy and its goal to achieve leadership in e-banking services and maintain customer experience.

Tahani Al-Khamees, Deputy General Manager Transaction Banking Operations at KFH, said that the new service, implemented successfully according to the highest quality and safety standards by KFH, enables customers to real-time monitor, alert and block sent payments with independent daily reporting.

She explained that this service has many benefits and features, including stopping high-risk payments in real-time, ‘in-flight’ monitoring of outgoing payments, intelligent technology that learns behavioural patterns over time and supports continuous and secure improvement as well as being a SWIFT-hosted service with zero footprint and instant switch-on.

Al-Khamees added that SWIFT Payment Controls service, easily tailored by users, offers powerful but simple to use pre-built reports covering both sent and received payments, allowing managing blocked payments, mitigating fraud risk and building a safer, more secure future and improving payment speed, transparency and reliability with alert coverage of key payment messages MT103, MT202 and MT202COV.

In light of the changing nature and impact of fraud in the financial services industry, Al-Khamees pointed out the importance of protecting main payment systems and Swift Payment Controls service, stressing the banking system’s continuous endeavour and efforts to prevent fraud attacks by real-time monitoring of payments, focusing on data security and enhancing cybersecurity strategy.

Along with offering integrated package of digital banking services, KFH has recently launched digital signature service in personal financing products through KFH mobile app or desktop from anywhere without having to visit the branch, Live FX Pricing, instant cross-border payments service at KFH-Turkey using Ripple’s technology and digital Wallet service through smart mobiles and watches which provides advanced and smart digital payment methods according to highly developed security standards in cooperation with Samsung, Fitbit and Garmin.

In addition, KFHGo branches offer a variety of interactive banking services, including those at Kuwait International Airport, such as establishing “Murabaha” financing transactions, requesting credit and prepaid cards, updating data and phone numbers, activating bank cards, opening deposits and accounts, instant cheque printing, receiving gold biscuits (10 grams), opening (gold, savings, Al-Rabeh, electron) accounts, online gold purchase and sell, cardless withdrawals using QR code through mobile, or by using Civil ID or phone number, in addition to many other financing and banking services.

Previous Article

July 27, 2021

Jack Henry announces partnership with Merchant’s PACT

Read More
Next Article

July 27, 2021

QINVEST announces the appointment of new Co-CEOs

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

Kuwait

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 20, 2024

4 Open Banking platforms shaping the future of financial data in the US

Read More

June 20, 2024

Natwest snaps up Sainsbury’s banking business in £2.5b deal

Read More

June 20, 2024

Mbanq joins IG Tech Cambodia to expand BankTech & BaaS solution in SEA

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023