ProgressSoft and OAB to Launch Payments Hub

Muscat, December 16, 2020
ProgressSoft and OAB to Launch Payments Hub

ProgressSoft and Oman Arab Bank are delighted to announce the signing of a new agreement to launch ProgressSoft’s Payments Hub Platform, an advanced platform that is in full compliance with the Central Bank of Oman’s new regulations, requirements and vision.

In light of the Central Bank of Oman’s new regulatory project to replace the local Real-Time Gross Settlement System (RTGS) with a new GCC RTGS implementation, Oman Arab Bank (OAB) chose ProgressSoft’s Payments Hub Platform as the preferred solution to meet those requirements, while also attaining massive benefits including seamless migration to ISO 20022.

ProgressSoft’s Payments Hub Platform will handle all payment types and consolidate payment modules to act as a single orchestrator for transaction management in OAB. It will also act as a payments gateway between OAB’s omnichannels and the central bank’s Automated Clearing House (ACH), Wage Protection and RTGS systems. This is in addition to the upcoming GCC RTGS and SWIFT Alliance.

As one of select solutions worldwide listed by SWIFT as a Cross-Border Payments and Reporting Plus (CBPR+) ready solution, ProgressSoft’s Payments Hub will also provide OAB with cost-efficient means to seamlessly migrate to ISO 20022 with minimal to zero changes on back-end systems.

ProgressSoft is delighted to be maintaining a fruitful partnership with Oman Arab Bank and looks forward to completing the radical implementation.