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NEWS & PROMOTIONS


ABK LAUNCHES ‘SMART FUNDS TRANSFER FORM’ SERVICE

26 May 2022




ABK Announces Khadijah Abdullah Al Beloushi as Winner of Weekly Draw Prize of KD 10,000

In line with its continuous efforts to streamline and enhance its services, Al Ahli Bank of Kuwait (ABK) announces the launch of the ‘Smart Funds Transfer Form’ an easy to use form for the purpose of local and international remittances.

With the ‘Smart Funds Transfer Form’ customers will have faster turn-around time, IBAN validation based on country selected, along with data security and confidentiality. The service auto-populates the amount in words and in Kuwaiti Dinar equivalency to avoid discrepancy errors, thereby facilitating an efficient, secure, reliable, and speedy funds transfer and clearing in the banking sector across the region.

Regarding this new service, Abdullah Al Qattan, Executive Manager Retail Operations & Payments – Operations Division at ABK said, “As part of its Simpler Banking strategy, the Bank looks to integrate the latest and securest technologies to continuously improve the quality of its services. According to the Central Bank of Kuwait, total remittances of expatriates in Kuwait reached about KD 4.144 billion during the first nine months of 2021, resulting in an increase of 8.63 per cent compared to the same period of 2020. In order to make this process more seamless for our customers, we are happy to launch this new simplified service.’

Al Qattan added, “By digitalizing the process, ABK is reducing the margin of error, while also empowering consumers with a greater sense of security and a more unified and secure transaction process. The launch of the ‘Smart Funds Transfer Form’ reinforces ABK’s commitment to embedding technology in all of the Banks’ key operations to provide consumers with impactful services and solutions.”

Customers using the ‘Smart Funds Transfer Form’ are able to view the Banks’ transfer terms and conditions in Arabic and English.

A key element to the newly launched service is cross-checking information using a QR code by scanning the characters using a reader application.

In order to use the’ Smart Funds Transfer Form’, the following steps must be taken:

Step 1
• Click on ‘QUICK LINKS’ on ABK’s website.
• Click on ‘Smart Funds Transfer Form’.

Step 2
• Fill the form with account holder information, payment data, including bank details, swift code, and beneficiary details.

Step 3
• Print the form, acknowledge the terms & conditions, and sign it.
• Consumers can verify the data entered via any QR code reader.
• Close the browser to ensure that the data is embedded.