banking

CBO mandates banks to provide e-services for bulk payments

January 13, 2021

MUSCAT: The Central Bank of Oman (CBO), in collaboration with Ministry of Finance and Ministry of Labour, has mandated the banks operating in the Sultanate to provide a seamless mechanism for transferring salaries and recurring payments (bulk payments) of all government and private agencies/ companies through electronic banking services.
This corporate banking channel is safe and secure. It aims to stop using any methods that do not meet the safety and security standards. The move also aims to avoid expensive methods that consume a lot of time and effort.
CBO has been working with the relevant authorities to implement this initiative since 2019.
However, due to coronavirus pandemic, the deadline was extended several times. Now, it is decided to specify February 28, 2021, as a deadline for banks to stop receiving any salary transfer files by insecure methods.
CBO would like to draw the attention of all government and private agencies/companies that banks will not receive any salary orders and recurring payments by insecure methods. All government and private agencies/companies must cooperate with banks and adhere to the above-specified date to implement this initiative at the national level for the public interest.

omanobserver

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