ProgressSoft Announces Successful PS-ACH Live Run in Oman
ProgressSoft Corporation is delighted to announce yet another milestone in the success story of its partnership with the Central Bank of Oman. On November 18, 2017, which marks the 47th National Day of Oman, the Central Bank of Oman (CBO) announced the smooth go-live of the ProgressSoft Automated Clearing House Solution (PS-ACH) in the country.
PS-ACH is an Automated Clearing House solution (ACH) developed by ProgressSoft, using the most advanced technologies available today. It provides a complete end-to-end clearing and settlement cycle and operates on a 24x7x365 basis, providing a platform that exchanges retail payment instructions between participants using Straight Through Processing (STP).
PS-ACH's live run in Oman successfully cleared a total transaction volume of 5,926 with a total value of OMR 2,877,603.370. This was then successfully settled in the Real-Time Gross Settlement (RTGS) system on November 19, 2017.
PS-BankPay, ProgressSoft's innovative Salary Processing System that provides a set of advanced tools and modules to manage the complete cycle of salary and wage processing at the bank, also went live this past weekend in Bank Muscat, Bank Meethaq and Bank Sohar. The salary payment processing through PS-BankPay successfully and seamlessly integrated with the new PS-ACH system and the banks' Core Banking Systems.
Mr. Michael Wakileh, CEO of ProgressSoft Corporation, expressed that "the launch of ProgressSoft's ACH in Oman is yet another milestone in the success story of the CBO-ProgressSoft partnership. We are proud of this launch and are delighted to be working closely with CBO and the banking body in Oman. We continue to aspire to achieve a Total National Payments System in the Sultanate."
The partnership between CBO and ProgressSoft to modernize the national payments system began in 2009 with the launch of the Electronic Check Clearing solution (PS-ECC) that is currently running across all banks within the Sultanate. In 2015, CBO awarded implementation contracts to ProgressSoft for a number of solutions to upgrade the payment infrastructure in the Sultanate, with the most recent being the implementation of ProgressSoft's Mobile Payment Clearing and Switching Solution (PS-mpClear) in July 2017, which has made the Sultanate the first country in the GCC to implement the pioneering system.