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Central bank's software to provide superior services

MUSCAT: Baldwin Hackett & Meeks, a leading supplier of high-volume transaction processing solutions, yesterday said that the Central Bank of Oman ( CBO ) is implementing the Concourse Financial Software Suite, to perform back office transaction processing for its national ATM/POS switch.
This new Oman National Switch (ONS) will support financial institutions in Oman and the surrounding region, processing more than 5 million electronic transactions per month, says a press statement.
The Concourse Financial Software Suite successfully meets CBO 's business and functional requirements for back office fees and settlement processing. It provides multi-institution support and allows CBO to centralise processing and provide superior client services to Omani financial institutions.
Using Concourse's continuous processing architecture, CBO will not be hindered by the limitations of a traditional batch-processing environment -- ATM and POS transactions can be processed throughout the day and incorporated into fee and settlement positions as soon as they are presented to Concourse.
Transaction data

The Concourse rules-based architecture will also allow CBO to easily integrate new methods of processing into its business model without the time and expense of custom software development. Furthermore, central bank will be able to provide access to valuable transaction data for internal users and financial institutions via secure browser-based viewers.
Baldwin Hackett & Meeks is implementing the Concourse solution in Oman with support from Hewlett Packard Company (HP), which is the prime contractor to CBO for the ONS project, and Industrial Management Technology and Contracting ( Imtac ), a local technology partner working closely with CBO .
"Baldwin Hackett & Meeks is honoured to be partnering with HP and Imtac to deliver the Concourse solution to CBO ," said Dr Jack Baldwin, CEO of Baldwin Hackett & Meeks. "Since Concourse is designed to process any type of electronic transaction from any data source, it will seamlessly interface with all components of the CBO transaction processing infrastructure. Concourse will provide the agility and scalability to meet CBO 's needs well into the future."

© Times of Oman 2010

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