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Knet, the Shared Electronic Banking Services Company (KSCC), is connected to other Gulf Co-operation Council (GCC) switches through GCC NET to offer local currency cash withdrawal, balance enquiries and ATM transactions in Saudi Arabia, United Arab Emirates, Qatar, Bahrain and Kuwait. In the fiscal year ended 31 October 2007, Knet used ACI software to process 12.7 million ATM transactions for its member banks, an increase of 10 percent from the previous year. During the same period, POS transactions reached 31.4 million, up 27 percent from the previous year.
Hasan Akbar, general manager at Knet said, “The value that Knet delivers to banks, businesses and consumers in Kuwait is growing as demand for our services increases. We are able to deliver solutions to our member banks through the valuable support of ACI. We have worked with ACI for 15 years and have seen first hand how the company is committed to delivering reliable and scalable solutions that we can customise to meet our needs. The company’s understanding of our market, especially around compliance demands, makes ACI a valuable partner.”
Daryl Berg, regional sales manager at ACI Worldwide said, “Knet’s systems must deliver continuous availability to its member banks, especially given the regional growth in ATM and POS transactions. We are delighted that Knet is able to rely on technology from ACI to deliver strategic, scalable solutions to meet its business needs.”
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