Automated Clearing House (ACH) payment system

CBO has undertaken this initiative of implementing the redesigned ACH System for retail payments (e.g. bill payments, dividend payments, salary transfers, person-to-person fund transfers, person-to-business, person to government, etc.), based on a web technology empowered by powerful security standards, which consists of direct credit and direct debit transactions, coupled with Mandate Management System (MMS) for direct debit transactions and the Wages Protection System (WPS) module in collaboration with the Ministry of Manpower (MOMP). It attempts to ensure efficiency for the multiple credit and debit transactions.
ACH system solution handles the clearing cycle for the transactions exchanged between banks on 24/7 basis, within the country. The payment instructions are submitted by the participants in batches, to be netted by the ACH System for calculating Multilateral Net Clearing Balances for each of the participants. The MMS ensures that the authorized mandates for the direct debits are available in the system for verification when any direct debit transaction is affected. The WPS is a module that serves the objective of guaranteeing the basic rights of employees in the private sector by applying systematic control and auditing process by MOMP and ensures obtaining the wages on time.

CBO has always been the forerunner in providing a safe and secure environment for the payments in the country. CBO acknowledges the efforts taken by the stakeholders and their cooperation in ensuring the smooth Go-live of this ACH project.