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MANAMA: Bahrain has joined a real-time Gulf payments system that offers secure and faster cross-border funds transfers.

The Central Bank of Bahrain said yesterday that it has joined the real-time Gulf Payments System, which is managed by the Gulf Payments Company.

It is a closed joint stock company owned and financed by the GCC states.

The CBB’s move follows the success of a pilot project started with five banks – Ahli United Bank, Bahrain Islamic Bank, National Bank of Bahrain, Bank of Bahrain and Kuwait and Eskan Bank.

The central bank said work is underway to join other banks to the link. The move will:

• Reduce the time required to implement cross-border payments.

• Money transfers will be executed within a day.

• Provide a high-security environment to avoid cyber and information security risks and contribute to reduced reliance on external transfer networks

• Reduce the cost for customers.




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