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Central Bank of Oman deploys ProgressSoft electronic cheque clearing system

10 May 2008  |  474 views  |  0 Source: ProgressSoft

As six months have passed since signing the contract with the Central Bank of Oman to deploy a nation-wide electronic check clearing solution for the Sultanate, ProgressSoft proudly announces the completion of the first phase of this initiative.

This successful completion was celebrated by both parties and also joined the lunch ProgressSoft's exclusive partner in Oman - IMTAC - and its Global Technology Partner - HP - which took place at the Shangri La Hotel on May 10th 2008.

"Image-based Check Clearing is one of the most high-profile elements of our EFT (Electronic Fund Transfer) Strategy, and we are confident of implementing it on time and within the budget as we did with our RTGS and ACH applications. We feel elated at the recent completion of the Requirement Specification Phase; and I take this opportunity to convey my special thanks to all my colleagues and team members in the Bank on this milestone achievement.

I would also like to compliment and appreciate the efforts of all our consortium-partners in this venture, i.e. ProgressSoft, HP and IMTAC." Commented Mr. Iqbal Ali Khamis, Senior Vice President & Chairman, EFT Committee Project - Central Bank of Oman.

The upcoming phases of the project are yet to come, and ProgressSoft has already started with the second phase of designing the system to meet the needs of the Central Bank of Oman. The system is scheduled to be up and running live at the Central Bank of Oman and all 18 commercial banks spread across the Sultanate by January 2009.

It is worth mentioning, that ProgressSoft by now has 3 successful country-wide implementations of its world's first Image-based Electronic Check Clearing Solution notched on its belt, and numerous bank implementations in several other countries.

"PS-ECC implementation project in Oman is excellent and is moving on as planned, all stakeholders are doing their best to achieve another success story for Central Bank of Oman, Omani banking community and the consortium; ProgressSoft, IMTAC and HP" Expressed Mr. Tawfiq Al-Khalili, PS-ECC Project Manager in Oman.

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