Central banks globally continue to provide the ultimate settlement asset, enhancing their influence through ownership, operation, or oversight of key financial infrastructure components. With increasing global economic integration, central banks must ensure national payment systems and risk management procedures adhere to international standards.
The Central Bank of Oman (CBO) plays a proactive role in Oman's economic development strategy, monitoring regional and global trends shaping the world economy. Economic development demands safe and efficient payment systems, which contribute to financial stability, effective monetary policy implementation, support real economic activity, and help combat money laundering by providing an audit trail for fund transfers.
Banks have traditionally served as the gateway to payment services. Through their participation in payment systems, banks provide safe, secure, and affordable services to customers.
A Payment System is defined as a set of instruments, procedures, and rules for transferring funds between participants. The system includes the participants and the entity operating the arrangement (BIS, 2016).