Major Kuwaiti Banks Go Live with ProgressSoft’s Payments Hub
ProgressSoft goes live with its universal Payments Hub Platform in major Kuwaiti banks as part of the Kuwait National Payments System and Central Bank of Kuwait’s initiative for total domestic payments revamping.
ProgressSoft’s Payments Hub Platform, which is listed by SWIFT as a Cross-Border Payments and Reporting Plus (CBPR+) ready solution, is now acting as a full-fledged payments orchestrator to all types of payments initiated from banks’ omni channels, front-end and back-end systems including payments processing, transactions posting and routing to different payments networks including the Kuwait National Payment System (KNPS) and cross-border remittance management networks including but not limited to SWIFT Net, Mastercard, Ripple and more.
The selection of ProgressSoft’s Payments Hub Platform to serve banks as part of the central bank’s KNPS initiative was based on its full compliance and support of ISO 20022 message standards (MX), as well as SWIFT CBPR+ specifications and guidelines readiness including messages conversion (MT-MX/MX-MT) with minimal to zero changes and disruption to legacy systems.
Today, the renowned platform is acting as a centralized hub that serves all types of payments and transactions management in banks and payment service providers under dynamic orchestration modes in Kuwait, allowing them to connect to new payments infrastructures and blockchain networks as well as elevate the types of services that are offered to banks’ corporate, SME and retail clients in local and regional markets.
In addition, the platform is successfully running live in many top-notch banks in the region, with additional implementations underway to commence the journey of CBPR+ migration and facilitate advanced domestic payments management including instant payments and e-wallet payments. Currently, banks are also considering the platform for digital currency payments at the national level as well as integration with regulated central bank digital currency and digital ledgers payments with their correspondents.
ProgressSoft is delighted to take part in the Central Bank of Kuwait’s national development initiative and looks forward to more fruitful successes soon.