Manama: As part of Central Bank of Bahrain's (CBB) efforts to boost the kingdom's banking sector and meet the international Payment and Settlement System standards, CBB has launched a secure private network to connect all retail banks in Bahrain with the CBB. This secure network will act as the primary communication hub to perform Real Time Gross Settlement (RTGS), while retaining the existing SWIFT network as a contingency backup.
The introduction of this new network is a conscious move to further strengthen the system's resilience 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 future.
Moreover, the network will facilitate the communication between Bahrain and the Gulf Co-operation Council (GCC) (RTGS) system, which will soon enter its implementation phase.
Dr Huda Al Maskati, executive director – corporate services, said: "Establishing the secure private network between the CBB and 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 ensuring that the participants’ payment messages retain the requisite security and confidentiality."