E-transfer system for salary payments launched | Times of Oman

SourceTimes of Oman
SectorFinancial Services

Muscat: Salaries will now be credited to companies using e-banking channels, after the required services were completed by the Ministry of Finance and Central Bank of Oman. The systems enabling companies to credit salaries through e-banking services were put in place last March, with the aim to pay salaries to employees at a faster pace. The move to credit salaries by e-transfers will also have other benefits, including providing “updated personnel data in all government units in harmony with CBO standards, and maintaining the confidentiality of data and information by encryption of payroll files.” It is also designed to halt the use of payment methods such as cheques to provide salaries to employees.

Efforts by the Ministry of Finance to set-up e-transfer methods are also part of its plans to soon set up an automated clearing house, which will enable the CBO to directly transfer salaries into the accounts of employees. As part of its roll-out of the e-transfer...read more...