The Central Bank of Oman (CBO) has contracted with HP for the delivery, implementation and support of a real time gross settlement (RTGS) system supplied by Sweden's CMA Small Systems.
The contract was secured by HP's local partner in Oman, Imtac. The RTGS application will be hosted on a HP PA-RISC system and a HP Storage Works platform.
CBO says the new RTGS system will replace its current infrastructure for inter-bank transfers and settlements which is effected by off-line cheque clearing and end-of-day telexes and Swift messages. With the implementation of RTGS, all transactions will be conducted in real time.
HE Hamood Sangour Al Zadjali, executive president, CBO, says the RTGS platform will bring its payments system in line with international risk reduction standards.
CBO has also confirmed future plans to automate clearing operations, payment switch and small payment transactions processing.