CBB launches secure private network for Financial sector

Manama : The Central Bank of Bahrain’s (CBB) has launched a secure private network to connect all Retail Banks in Bahrain with the CBB. 

The network, CBB statement said, 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. 

The 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, CBB said, will facilitate the communication between Bahrain and the GCC Real Time Gross Settlement (RTGS) system, which will soon enter its implementation phase.

Commenting on the move, Executive Director – Corporate Services, Dr. Huda  Al Maskati, stated, “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.”