CBO and ProgressSoft Modernize Direct Debit Infrastructure

ProgressSoft is honored to contribute to the rollout of nationwide electronic mandate management services (e-Mandates) in Oman, an initiative led by the Central Bank of Oman (CBO) to enhance direct debit services and mark a significant advancement in the modernization of the country’s digital payment infrastructure.

This strategic initiative introduces a fully electronic process for individuals and businesses to issue, process and fulfill direct debit mandates, advancing into a new era of enhanced operational efficiency and supporting digital processing mechanisms in the financial sector.

At the core of this transformation is ProgressSoft’s central Mandate Management System, deployed at CBO as an automated platform to manage the complete lifecycle of direct debit mandates, including initiation, amendment, cancellation and payment tracking.

Banks in Oman are now seamlessly integrating with the central platform at CBO using ProgressSoft’s participant Mandate Management System, while interfacing with their digital channels and obtaining customer consent through ProgressSoft’s channels Mandate Management System. ProgressSoft currently provides this end-to-end solution to 14 banks across the Sultanate, ensuring efficient communication across existing infrastructures and enabling streamlined direct debit operations nationwide.

“We are honored to support the Central Bank of Oman in its pioneering efforts to enhance the nation’s digital payments infrastructure through our solutions,” said Mohammad Swaity, ProgressSoft Oman's Country Manager. “This milestone reflects our shared commitment to modernizing financial services in Oman, and we look forward to continuing our role in enabling secure, efficient and user-friendly banking experiences across the Sultanate.”

The initiative is expected to deliver numerous benefits including reduced operational costs, minimized processing errors, expedited transaction times and a foundation for new digital financial services. By automating processes and improving transaction security, it supports Oman's national agenda for innovation and digital transformation.

ProgressSoft extends its appreciation to the Central Bank of Oman for its visionary leadership and looks forward to continued collaboration in advancing the nation's financial infrastructure.