• Oman

    • CBO directs banks to improve salary processing via ACH System for private sector employees

    By on August 31, 2023
    OMR
    OMR

    Muscat: Central Bank Of Oman has directed the banks to improve salary processing via ACH System for private sector employees

    To improve salary processing via ACH System for private sector employees, CBO has issued the following directives to banks:

    1. To continue extending their support to private sector establishments to transfer the salaries of their employees through WPS

    2. To prepare a manual about WPS which includes the procedure to register companies and modality to submit salaries in the system

    3. To develop a communication mechanism between banks and private sector establishments regarding WPS

    4. To facilitate setting up bank accounts for:

    Customers from low-income groups

    Entities with less than 10 employees

    Small and Medium Enterprises (SMEs) that do not have bank accounts

    5. To maintain an updated Know-Your-Customer (KYC) information of the private sector entities in the WPS.

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