Clearing payment system launched

MUSCAT: As part of its endeavour to continuously enhance the payment infrastructure in the country, the Central Bank of Oman (CBO) announced the GO-LIVE of the redesigned Automated Clearing House (ACH) payment system on 18th November 2017, the National Day of the Sultanate, thereby attaining one more milestone of providing a safe and secure electronic payments environment in the country.
CBO has undertaken this initiative of implementing the redesigned ACH System for retail payments, based on a web technology empowered by powerful security standards, which consists of direct credit and direct debit transactions, coupled with Mandate Management System (MMS) for direct debit transactions and the Wages Protection System (WPS) module, in collaboration with the Ministry of Manpower (MOMP).It attempts to ensure efficiency for the multiple credit and debit transactions.
ACH system solution handles the clearing cycle for the transactions exchanged between banks on 24×7 basis, within the country and settling the cleared payments transactions in the Real-Time Gross Settlement (RTGS). — ONA