Oman plans new settlement system
This is part of a larger plan to introduce electronic funds transfer in the Sultanate, according to the report in the Oman Daily Observer.
RTGS, which is a core module for introducing electronic funds transfer, is expected to settle dealings on a continuous basis among different banks, Iqbal Ali Khamis, vice-president of the CBO, was quoted ass saying by the report.
The central bank is discussing with the Oman Telecommunications Company (Omantel) about providing a dedicated extranet virtual private network (VPN) for the proposed on-line electronic settlement system for banks, which will be routed through the CBO, he said.
He was presenting a paper on 'the role of the central bank in creating a secure and transparent environment to help business in Oman.' The event was organised by Oman TradaNet (OTN).
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