New platform for dispute management unveiled

Business Monday 23/July/2018 15:06 PM
By: Times News Service
New platform for dispute management unveiled

Muscat: The Central Bank of Oman (CBO), in its endeavour to continuously enhance the payment infrastructure in the country, has announced the launch of GO-LIVE for the Dispute Management System (DMS) on Renaissance Day, July 23.
The launch marks another milestone in the development of payment systems as it provides a platform for the settlement of disputes arising from transactions effected through various existing payment systems.
The CBO is determined not only to carry forward the mission of providing a safe and secure payment infrastructure in the Sultanate, but also endeavours to provide a complaint redressal mechanism for the banking community to take up proactively or whenever the customer puts forward a dispute claim.
Such a platform will boost people’s confidence in electronic payments by making them aware of the centralized mechanism put in place by the CBO for the purpose of raising disputes through banks.
The objective of the DMS is to provide a flexible payment system that allows participants to register a dispute or claim related to financial transactions processed through the national payment system for faster resolution with well-defined rules and Turnaround Time (TAT). Currently, the DMS is expected to be a platform for addressing disputes and claims related to transactions effected through the MpClear and ACH systems, which will be further integrated with other payment systems.
As owner and operator of the DMS system, the CBO is also endowed with powers to act as arbitrator for disputes that do not involve banks and to provide verdicts to payer and payee banks. Arbitration verdicts provided by the CBO or authorized entities must be in accordance with applicable Omani Laws and based on circulars and directives issued by the CBO from time to time.
The CBO has always been at the forefront of providing a safe and secure environment for payments made within the country. The central bank acknowledges the efforts made by stakeholders and their cooperation in ensuring the smooth implementation of Go-live for the DMS project.