As part of easing money transfers in financial institutions, the Central Bank of Oman launched ‘Real Time Gross Settlement’ (RTGS) system that will also enable banks to make money transfers even during holidays or outside banking hours.
RTGS will also integrate with the GCC payment system ‘AFAQ’ in order to process cross-border payments between GCC countries by linking with Gulf Payments Company (GPC).
It will be integrated with the Arab Regional Cross-Border Payment System ‘Buna’ by including the Omani Rial as a settlement currency among the other currencies in the Arab system.
“RTGS provides a mechanism for the final processing and settlement of high-value payments exchanged between the participants on a continuous basis – the Ministry of Finance and banks operating in the Sultanate of Oman, as well as the Muscat Clearing and Depository Company are the direct participants of the system,” CBO said in a statement.
