Banks in Kuwait extend the duration for correcting erroneous transfers to a period of 7 days
In a significant move to strengthen the digital infrastructure of the banking sector, several banks in Kuwait have updated their "Wamd" instant money transfer service. This update, reported by Al-Anba daily, is part of ongoing efforts to improve digital banking services in the country.
The primary aim of the update is to safeguard customers and boost trust in digital banking. By extending the refund period for erroneously transferred funds from one day to seven days, customers now have more time to correct transfer errors. This extended period is expected to reinforce confidence in e-banking services, reducing stress during financial transactions.
The update also aims to ensure the highest levels of security, transparency, and customer protection in the digital banking sector. Recipients of mistakenly transferred funds can now complete the refund process through online banking apps and digital channels, further enhancing the convenience and reliability of digital transactions.
The update aligns with the Central Bank of Kuwait's drive to promote the digital transformation of the banking sector. By providing greater flexibility in managing financial transactions, the update encourages broader adoption of digital transactions as a safe and reliable option for everyday financial needs.
However, specific bank names and update details are not provided in the available information. It's also worth noting that the update continues to be part of the Central Bank of Kuwait's drive to strengthen the digital infrastructure of the banking sector, and it aligns with existing terms and conditions.
The update is intended to encourage broader adoption of digital transactions as a safe and reliable option for everyday financial needs. By reinforcing the bank's commitment to safeguarding customers and boosting trust in digital banking, the update is expected to play a crucial role in the digital transformation of the Kuwaiti banking sector.
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