banking

System of e-transferring public sector salaries now fully operational

May 2, 2021

The Ministry of Finance has confirmed that it has completed the activation of an initiative in which the salaries of government employees are e-transferred.

Under the scheme, which began in March, staff wages are being electronically transferred — a move designed to facilitate and accelerate the transfer process of salaries and current payments using e-banking services.

The initiative, which is backed by the Central Bank of Oman (CBO), has the following advantages, the ministry said: (i) It helps update personnel data in all government units in harmony with CBO standards; (b) it maintains the confidentiality of data and information by encryption of payroll files, (iii) it eliminates the use of cheques, statements or CDs for salary transfers, and instead adopts e-banking services; (iv) it reduces the time and effort required to transfer the salaries and payments; and finally (v) it facilitates the future introduction of Automated Clearing House (ACH) for direct transfer of salaries into the bank accounts of employees through CBO.

omanobserver

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