Central Bank of Oman Announces Successful Go-Live of ProgressSoft's Dispute Management System
The Central Bank of Oman (CBO) announced the successful go-live of ProgressSoft’s Dispute Management System (PS-DMS) on Renaissance Day, July 23, 2018.
In its effort to develop the payments infrastructure in Oman, the CBO has long been a partner of ProgressSoft Corporation, opting for various payment solutions including ProgressSoft’s Mobile Payment Switching & Clearing and Automated Clearing House solutions (PS-mpClear and PS-ACH) which were successfully implemented in 2017.
Today, we are thrilled to announce a breakthrough in this strong partnership; the successful go-live of PS-DMS which will address all disputes and claims related to transactions effected through PS-mpClear and PS-ACH, in addition to integration with other payment systems at the CBO.
PS-DMS now provides the capability for banks in Oman to create and exchange dispute cases over financial items processed in the CBO payment channels. In addition to the day-to-day processes of dispute initiation, approval, rejection, cancelation and representment, PS-DMS allows the initiating bank to escalate disputes to the CBO to reach final closing judgments. Not only will this smooth implementation provide payment participants with faster dispute resolution, well-defined rules and efficient Turnaround Time (TAT), it will also boost the Omani people’s confidence in electronic payment channels by having a centralized mechanism owned by the CBO.
ProgressSoft is delighted to contribute to modernizing the payment processes of the CBO and the entire payments ecosystem on a nationwide scale. The strong partnership began in 2009, with the launch of the Electronic Check Clearing solution (PS-ECC), followed by the more recent successful implementations of PS-mpClear and PS-ACH in 2017.