NBK launches online banking service for corporate clients

National Bank of Kuwait (NBK), Kuwait’s largest bank, has launched today the first comprehensive online banking service for corporate clients (WOLC) in the Middle East.

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By  Massoud Derhally Published  January 8, 2002

National Bank of Kuwait (NBK), Kuwait’s largest bank, has launched today the first comprehensive online banking service for corporate clients (WOLC) in the Middle East.

WOLC is an abbreviated brand name for the Watani Online Corporate system.

Shaikha Al-Bahar, GM of Corporate Banking Group at NBK, stated in a press conference that the WOLC will allow the bank’s corporate customers to perform enquiry and banking transactions electronically through a user friendly internet browser based graphical user interface.

The system’s Browser-based screens provide a consistent synchronized view of a user’s account data. The WOLC system is built and developed in-house at NBK using latest internet technologies. The system provides online real-time enquiry functionality allowing customer to monitor their financial position and transaction history remotely from the customer location on a 24-hour basis, 365 days a year.

Using the system, NBK’s customers can initiate many financial and non-financial transactions. WOLC uses a Secured Sockets Layer (SSL), which provides channel encryption and server authentication using the 128-bit encryption. The system also provides corporate customers with an automated verification and approval process to control the initiation and processing of instructions from the customer side.

For security and process control purposes, WOLC provides an audit trail, highlighting all user actions in detail. The audit trail information includes the nature of the action, date and time the action was performed, and the user ID of the initiator.

There will be also a Two way E-mail/ Messaging facility provided through the system to facilitate the transfer of important messages between our corporate customers and the appropriate support area required to respond to all customer needs.

An additional security feature in WOLC is the transaction limit control. Every user is assigned a system transaction limit, which the system automatically tracks and enforces. There are two types of transaction limits provided by the system, limit per transaction and daily limit. This new and innovative service comes as the latest addition to the many advanced products and services that NBK offers its customers both corporate and retail.

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