Automated Clearing House Payment System Go Live.
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 of Oman, 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). Interoperability and flexibility with other
third party systems is ensured through a set of standard message
formats and Straight Through Processing (STP) capabilities. The MMS
ensures that the authorized mandates for the direct debits are available
in the system for verification when any direct debit transaction is
effected. The WPS is a module that serves the objective of
guaranteeing the basic rights of employees in the private sector by
applying systematic control and auditing process by MOMP and
ensures obtaining the wages on time. The WPS module promises to
satisfy the reporting requirements for CBO & MOMP.
The direct credit module, provides a convenient platform for the
customers of the banks to credit the accounts of single/multiple
beneficiaries by a single debit to their account. Hence, it facilitates
faster and efficient e-payments, such as salary transfers, dividend
payments etc. The direct debit module, provides the facility for the
beneficiaries to debit the accounts of multiple payers and seek single
credit, such as bill payments, periodic repayments etc. This is
accompanied with a direct debit mandate given by the payer to the
beneficiary extending power to debit payer account, following a
prescribed process. The mandate is stored in the MMS and available
for verification during a transaction. Hence, the above enables faster
and timely processing of bill payments, dividend payments, salary
transfers, person-to-person fund transfers, person-to-business, person
to government, etc. Accordingly, the system helps in advancing the
economic cycle by faster movement of funds. The WPS is an attempt
to ensure that the employees are paid their salary by the employers
through the banking channel, which is processed through the direct
credit module of the ACH.
CBO has always been the forerunner in providing a safe and
secure environment for the payments in the country. CBO
acknowledges the efforts taken by the stakeholders and their
cooperation in ensuring the smooth Go-live of this ACH project.
Copyright (C) 2017. Oman News Agency. All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).
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|Publication:||Oman News Agency|
|Date:||Nov 19, 2017|
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