The Central Bank of Bahrain (CBB) has launched a special network to connect all retail banks in the Kingdom of Bahrain as part of the Bank’s efforts to promote and develop the banking sector in line with international standards for payment systems and remittances. The network will serve as a major contact point for all retail banks in the Kingdom of Bahrain with the Central Bank of Bahrain to complete RTGS between banks. The current SWIFT system will be maintained as a precautionary measure.
The launch of this new network is a step towards enhancing the flexibility of payment systems and remittances in line with global best practices in this field. This strategic step also supports the readiness of infrastructure in the Kingdom to attract other services in the future. The network will facilitate the Kingdom’s connection to the Gulf Payment Network, which will enter into force soon.
“The project of establishing a private network between the bank and financial institutions is one of the most important strategic projects that the Bank is keen to implement,” said Dr. Huda Hussain Al Maskati.