Thursday, 21 Nov 2019 | 24 Rabi Al Awwal 1441
Central Bank of Oman’s Dispute Management System goes live

Central Bank of Oman’s Dispute Management System goes reside

In a press release, CBO stated that it is pleased to announce the Go-Live of DMS from July 23 (Renaissance Day).

This is in line with CBO’s endeavour to constantly boost the payment infrastructure in the nation and is an additional milestone in the payment systems. It will offer a platform for settlement of disputes arising from transactions effected via different current payment systems. CBO is determined not only to carry forward the mission of supplying a protected and safe payment infrastructure in the sultanate, but also endeavours to offer a complaint redressal mechanism for the banking neighborhood to take up proactively or anytime the consumer approaches with a dispute claim.

Such a platform will increase the self-confidence of individuals in the electronic payments arena as they would be conscious of the centralised mechanism place in spot by CBO for the goal of raising disputes via their banks.

The objective of DMS, is to offer a versatile payment program that enables participants to register a dispute/claim connected to monetary transactions processed in national payment program for more quickly resolution with nicely-defined guidelines and Turnaround Time (TAT). Currently, DMS will be a platform for addressing disputes and claims connected to the transaction effected via the MpClear and ACH systems, which will be additional integrated to other payment systems. Since CBO plays the part of the owner and operator of the DMS program, it is also endowed with powers to be an arbitrator for the disputes not agreed in between banks and offer a verdict to the payer bank and the payee bank.

Arbitration verdict offered by CBO or the authorised entity will be in accordance to applicable Omani Laws and primarily based on circulars and directives issued by it from time to time.

Information Source: Muscat Daily

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