KNET was established in 1992 with the partnership of the local banks to connect all the local bank’s systems and enable wide range of banking services through an advanced network.
What is KNET?
KNET is a Kuwaiti national company providing electronic banking services to all the banks in Kuwait. Knet is committed to pursue and adopt state of the art technology in the various fields of electronic banking and therefore rendering solutions and services of the highest standards available globally to the member banks and to the banking community in Kuwait.
We are constantly seeking to maximize accuracy, efficiency and security in conducting the financial transactions to our customers. Knet serves all of the banks operating in Kuwait and transcends boundaries by extending its services to offer its member banks and their clients the opportunity to benefit from electronic banking services in the GCC countries as part of the GCC network connection.
The Shared Electronic Banking Services Company (K.S.C.C.) was established in 1992 with the partnership of the local banks at that time, to connect all the local bank’s systems in the State of Kuwait and enabling a range of banking services through an advanced network and prides itself in maintaining the highest international standards of security and efficiency. The company started to provide its services in 1994, which include:
- Automated link between local banks
- Point-Of-Sale Services
- ATM Services
- Payment Gateway for E-commerce and E-Government
- GCC Net
- Check Book Printing
- Other specialized services in the field of electronic payment system.
Facts and Figures on KNET
- In 1989 witnessed the introduction of the idea of Knet establishment.
In 1992, the Shared Electronic Banking Services Company (Knet) was established with the participation of eight local banks.
- In 1994 witnessed the actual launch of the electronic banking services to local bank customers.
- The first point of sale service transaction was processed in January 1995.
- The First off-site ATM Transaction was conducted at Sultan Center Salmiya on 1995.
- In 1997, connection was made to GCC Network.
- In 1999, printing first cheque book.
- In 2004, the first online payment transaction.
- In 2008, Signing TASDEED Contract with Ministry of Finance for the Electronic Government Project.
- In 2010, EMV Middle East license was obtained.
- In 2011, KNET was the first switch to approve PCI in the Middle East.
- In 2013, KNET was ranked the first in the Electronic Commerce and was awarded Kuwait foundation for the Advancement of sciences award.
- In 2014, a strategic partnership Agreement was signed with the Chinese UPI Network.
- In 2016, KNET developed One Time PIN (OTP) for customers payment authentication.
- In 2017, KNET introduced Ktap which is enabled Point of Sales to accept NFC-enabled cards.
- In 2019, KNET launched KFAST.