MUSCAT, JULY 24 - As part of its continuing efforts to strengthen Oman’s payment infrastructure, the Central Bank of Oman (CBO) formally launched its Dispute Management System (DMS) on Monday, July 23, 2018, coinciding with the Sultanate’s 48th Renaissance Day. In what could be termed as a milestone in payment systems, DMS provides an online platform for settlement of disputes arising from the transactions effected through various existing payment systems.
“With this achievement, CBO is not only determined to carry forward the mission of providing a safe and secure payment infrastructure in the Sultanate, but also endeavours to provide a complaint redressal mechanism for the banking community. It intends to proactively take up the redressal of disputes or whenever the customer approaches with a dispute claim. Such a platform will boost the confidence of the people in the electronic payments arena as it shall create appropriate awareness about the centralised mechanism put in place by CBO for the purpose of resolving disputes through their banks,” the apex bank said in a press statement.
The objective of DMS is to provide a flexible payment system that allows the participants to register a dispute/claim related to financial transactions processed in national payment system for faster resolution with well-defined rules and Turnaround Time (TAT).
Currently DMS will be a platform for addressing disputes and claims related to the transaction effected through MpClear and ACH systems, which will be further integrated to other payment systems in the future.
As the owner and the operator of the DMS system, the Central Bank has been endowed with powers to be an arbitrator for the disputes not agreed between banks. It shall provide a verdict to the Payer Bank and the Payee Bank. Arbitration verdict provided by CBO or the authorised entity will be in accordance with the applicable Omani Laws and shall be based on circulars and directives issued by CBO from time to time.
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