Central Bank of Oman Implements Concourse Financial Software™ for Transaction Settlement and Fees Processing

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Concourse Financial Software will perform back office settlement and fees processing for CBO’s national ATM/POS switch.

Concourse manages electronic payment transactions including credit card, debit card, POS, ATM, mobile, and prepaid.

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.

Baldwin Hackett & Meeks, Inc. (BHMI), a leading supplier of high-volume transaction processing solutions, announced today 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.

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 centralize 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. 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, CBO will be able to provide access to valuable transaction data for internal users and financial institutions via secure browser-based viewers.

BHMI 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 LLC (IMTAC), a local technology partner working closely with CBO.

“BHMI is honored to be partnering with HP and IMTAC to deliver the Concourse solution to CBO,” said Dr. Jack Baldwin, CEO of BHMI. “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.”

About Central Bank of Oman:
The Central Bank of Oman (CBO) is responsible for maintaining the internal and external value of the national currency for Oman and is the single integrated regulator of Oman's financial services industry. CBO acts as the depository agency for the government of the Sultanate of Oman and also regulates Oman’s commercial banks, specialized banks, finance and leasing companies, and money exchange houses. CBO also serves as advisor to the Omani government in economic matters, including national monetary and financial policy.

CBO is committed to achieving monetary and financial stability for Oman and fostering a sound, progressive financial sector to promote sustained economic growth for the nation. For more information, please visit http://www.cbo-oman.org.

About Baldwin Hackett & Meeks, Inc.:
Baldwin Hackett & Meeks, Inc is the creator of the Concourse Financial Software Suite – a powerful PCI compliant back office software solution specifically designed to manage electronic payments including credit, debit, POS, ATM, mobile, and prepaid transactions. With user-configurable business rules, an online transaction repository, and a continuous processing architecture, Concourse proactively assesses and allocates fees for all business relationships, settles and reconciles all transaction types, and automates the process of identifying and facilitating disputes. Concourse also has a user-friendly, browser-based transaction viewer and extensive reporting capabilities. For more information, please visit http://www.concoursefinancialsoftware.com.


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