ProgressSoft and OAB Announce Go-Live of Oman’s First Local Payments Hub
ProgressSoft Corporation and Oman Arab Bank announce the successful go-live of the first local payments hub in the Sultanate of Oman.
Tailored to meet the requirements of Oman Arab Bank (OAB), ProgressSoft’s Salary Processing system, PS-BankPay, was customized with new and advanced functionalities to serve all outward and inward remittances between OAB and other banks in Oman. It was chosen by OAB to replace three different systems in the bank and is the only payments gateway between OAB online channels and the Automated Clearing House, Real-Time Gross Settlement and Wage Protection System in place at the Central Bank of Oman.
The advanced solution acts as a local payments hub that facilitates online processing for all payment types in the bank including salaries, bonuses, charity payments and dividends among others. It also completes all financial entries through seamless online integration with the bank’s Core Banking System (CBS).
Using PS-BankPay, OAB is also provided with a full-fledged reconciliation system that assists the business team in automated reconciliation between the Core Banking System (CBS), PS-BankPay and Automated Clearing House systems.
“ProgressSoft has been outstanding to work with, their teams understand what we are trying to achieve and furnish their unrivaled expertise and unwavering attention to detail accordingly,” noted Mr. Mustafa Srour, Chief Technology Officer at Oman Arab Bank, “they have certainly exceeded our expectations in implementing the Sultanate of Oman’s first local payments hub.”
OAB and ProgressSoft are delighted to announce the completion of phase I of the implementation, witnessing the successful live run of outward and inward remittances and integration with the Automated Clearing House system, and are looking forward to celebrating phase II of the implementation, currently underway to integrate PS-BankPay with the Real-Time Gross Settlement system.
Although marked as a first-ever implementation in the Sultanate of Oman, it is not the first success story for OAB and ProgressSoft, which have been maintaining a sustainable partnership over the years with various implementations of ProgressSoft’s Electronic Check Clearing suite at OAB.