In Conversation with the Central Bank of Oman's Ali Al Jabri

In recent years, the Central Bank of Oman (CBO) has taken a proactive role in modernizing the country’s financial infrastructure, with a strong focus on innovation, security, and regional integration. In this interview, Central Bank Payments News speaks with Ali Al Jabri, Acting Deputy CTO for Payment Systems at the Central Bank of Oman. The conversation, facilitated with the support of ProgressSoft, explores the strategies and partnerships shaping Oman’s payments ecosystem under the country’s Vision 2040 agenda.

Central Bank Payments News (CBPN): The Central Bank of Oman has articulated a clear vision for establishing a secure and efficient payment ecosystem. Could you elaborate on how this vision has influenced recent advancements in Oman’s payments landscape and how it aligns with the broader goals of Oman’s Vision 2040?

Ali Al Jabri: In line with the national payment system strategy, CBO has endeavored for over a decade to modernize the payment infrastructure in the country. The same is reflected in its consistent and proactive adoption of the latest technology and systems to align with market demand and trends. As a key pillar of the economy, the CBO’s focus has been to reinforce its role as a driving force in Oman’s financial sector by creating an enabling environment and rolling out required policies and systems. These efforts are an important catalyst to spur financial activity and economic growth in the country to achieve the objectives outlined in Oman Vision 2040.

One of the primary functions of CBO as a payment system operator is to provide a secure and advanced payments platform for businesses, individuals, and government entities. The National Payment System (NPS) facilitates seamless and efficient payments for purchases, services, and bilateral transactions across diverse customer segments through the following systems operated on a 24x7 basis:

• Real-Time Gross Settlement (RTGS) for large-value payments and linkage to GCC-RTGS System (AFAQ) for cross-border payments in GCC region.
• Automated Clearing House (ACH) for bulk debit and credit payments including e-mandates.
• Electronic Cheque Clearing (ECC) for cheque clearing and settlement.
• Mobile Payment Clearing and Settlement System (MPCSS) for instant payment transactions.
• Wage Protection System (WPS) for monitoring the payment of wages to workers in the private sectors by the Ministry of Labour, ensuring that employers transfer wages on time as agreed in the employment contract.
• OmanNet Switch for enhancing interoperability among banks and Payment Service Providers (PSPs) to process card payments (ATM, POS & e-commerce) at an affordable cost.
• Dispute Management System (DMS) to ensure that technical and business issues and disputes are addressed in a timely manner.

These advancements have continuously helped Oman’s transition to ...

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