MUSCAT : The new system 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.

The processes of regional integration are planned during the next phase.

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.

The CBO stated that the implementation of the new system is in line with its vision of enhancing the quality of national payment systems services provided to the banking and financial sector as well as the society in the Sultanate of Oman.

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