Central Bank of Bahrain
  

CBB launches a secure private network for Financial Institutions

Manama, Kingdom of Bahrain, 7th March 2018 - As part of the Central Bank of Bahrain’s (CBB) efforts to boost the Kingdom's banking sector and meet the international Payment and Settlement System standards, the CBB has launched a secure private network to connect all Retail Banks in the Kingdom of Bahrain with the CBB. This secure network will act as the primary communication hub to perform real-time Inter-Bank payments settlement (RTGS), while retaining the existing SWIFT network as a contingency backup.

The introduction of this new network is a conscious move towards strengthening the system resiliency further and aligning it with global Payment System best practices. This strategic move also supports the required infrastructure readiness, which can cater for the introduction of other services with these Institutions in the future. Moreover, the network will facilitate the communication between the Kingdom of Bahrain and the GCC Real Time Gross Settlement (RTGS) system, which will soon enter its implementation phase.

The Executive Director – Corporate Services, Dr. Huda  Al Maskati, stated, “The project of establishing the secure private network between the CBB and the financial institutions is one of the important strategic projects that the CBB has launched recently.  This network provides a secure environment to complete the settlement of payments in an efficient way, while at the same time ensuring that the participants’ payment messages retain the security and confidentiality needed.”

Bahrain E governance siteBahrain 2030