KIB launches 'Fast Transfer' remittance service powered by Visa through the KIB Mobile app in Kuwait
Kuwait: Kuwait International Bank (KIB) has announced the launch of its latest digital service, 'Fast Transfer', available exclusively on the KIB mobile banking application. This new international remittance service is launched in collaboration with Visa, a world leader in digital payments, to enable the Bank's retail customers to transfer funds internationally to predefined beneficiaries' bank accounts with unmatched speed, transparency and convenience.
Through this partnership, KIB is the first bank in Kuwait to enable Fast Transfer based on the Visa Direct Account Capability platform for its customers. By integrating Visa Direct Account Capability, KIB's 'Fast Transfer' service ensures that beneficiaries receive the full remitted amount without any deductions, providing a seamless and reliable experience. With support for 40 international destinations, the service offers instant transfer capabilities in many countries, ensuring funds are delivered in record time. KIB's vision for this service is to raise the cross-border payment standards in Kuwait through competitive foreign exchange rates, real-time transaction tracking capabilities, and zero hidden costs or beneficiary deductions, all from the convenience of a mobile banking app.
Highlighting the significance of this launch, Mohamed Atef Elshareef, General Manager of Digital Innovation and Data Intelligence at KIB stated: 'Our new 'Fast Transfer' service reflects KIB's commitment to redefining digital banking experiences. With the integration of Visa Direct, our customers can now experience international money transfers with exceptional speed, transparency, and reliability. This represents yet another step in KIB's mission to empower customers with innovative banking solutions that cater to their daily needs.'
Meanwhile, Othman Tawfeqe, General Manager of the Retail Banking Department, said: 'Our focus has always been on empowering our customers with convenient, secure, and cost-effective digital solutions, and the launch of 'Fast Transfer' is a testament to KIB's strategy of putting customer-centric innovation at the heart of everything we do. We strive to strengthen our relationships with all customer segments and enhance financial inclusion through advanced technologies that deliver speed and transparency in transactions, solidifying KIB's position among the leaders in innovative financial solutions.'
In his turn, Fahad Al-Bader, General Manager of the Operations Department at KIB, stated: 'The launch of the swift transfer service is a significant step toward enhancing operational efficiency at KIB. We have focused on streamlining international transfer processes by leveraging the latest technologies to ensure speed and accuracy. Our commitment to continuous innovation allows us to enhance the quality of banking services, deliver added value, strengthen customer trust, and meet evolving needs in an increasingly dynamic financial landscape.'
From his side, Mohamed Reyad, Visa's Country Manager for Kuwait, said: 'We are excited to see KIB become the first bank in Kuwait to use Visa Direct Account capability to deliver the enhanced remittance experience a growing number of consumers seek. With Kuwait among the largest source markets of remittances globally, this partnership will help reinforce Kuwait's position as a leader in global remittances while supporting the government's innovation agenda. We look forward to similar collaborations with our local partners so more consumers in Kuwait can enjoy a better remittance experience.'
The new service is available to all KIB retail customers. Customers can access the 'Fast Transfer' feature via the KIB mobile banking app under the International Transfers section. With plans to expand its corridor network reach and include additional destinations and currencies in the future, KIB continues to solidify its position as a leader in digital banking innovation.
About KIB
Kuwait International Bank (KIB) is a bank that operates according to the Islamic Shari'ah, based in the State of Kuwait. Incorporated in 1973, and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. In 2018, KIB embarked on a new phase of its journey full of innovation and development. As part of its new strategic direction, the Bank focuses on offering a next-level customer experience under the slogan: 'Bank for Life'.
Through a network of branches spread across the State of Kuwait, KIB offers a broad range of banking products and services, as well as innovative digital banking solutions in line with international best standards. As part of its duty towards the community, the Bank also encompasses a leading social responsibility program that aims at positively impacting all members of the community through a wide range of impactful initiatives and activities.
Today, KIB has taken concrete steps in implementing its new strategic objectives. The Bank has cemented its role as a key player in the local banking industry and has continued to maintain its strong financial performance; enabling it to be globally recognized for its strong credit rating and financial position.
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