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For customers with accounts in Oman: action required for Wages Protection System (WPS) salary payments

Last updated: 16 January 2018

Effective 28 February 2018, salary payments issued to employees in Oman must be made using the Wages Protection System (WPS). This requirement applies for payments submitted on-screen in HSBCnet or via the File Upload service.

WPS is a comprehensive oversight system for salary payments in Oman that collects, stores, and provides information to the Ministry of Manpower about wages issued to employees.

The Ministry of Man Power (MoMP) in Oman requires that all entities that are registered with the Ministry of Commerce and Industries make salary payments to employees using WPS.*

Aligned with the requirements from the MoMP, the Central Bank of Oman (CBO) has mandated a grace period until 28 February 2018 for you to register for CBO WPS and update your salary payment files with necessary information outlined in the updated Message Implementation Guides.

What this means for you

If you issue payments to your employees from accounts in Oman, you’re required to do the following:

1. Register for the Central Bank of Oman Wages Protection System
2. Submit your salary payments via the WPS system

How do I register for the Wages Protection System in Oman?

The CBO and MoMP have mandated that banks in Oman support regulated entity registration before processing salary payments via WPS.

Due to this regulatory requirement, you must first complete an Autopay application form and submit it to your HSBC representative.

Once you’re registered for CBO WPS, you can begin making WPS salary payments.

How do I make WPS salary payments in HSBCnet?

The cut-off time for same day WPS payments in Omani Rial is 11:00 am local Oman time (Gulf Standard Time) on working days.

You can make WPS salary payments using the following methods:

• Payments submitted on-screen in HSBCnet
  HSBCnet WPS payment screens will capture all necessary information for WPS salary payments.
  
  
• Payments submitted via File Upload service
  You can submit WPS salary payments in Oman using the following file formats:

  o Salary Information File (SIF)
  o MEABASIC
  o iFile
  o XML version 3
  

Updated Message Implementation Guides to help format your WPS salary payment files are available here >

Find out more

For questions about WPS salary payments in Oman, please contact your HSBC Global Liquidity and Cash Management representative.

* WPS salary payments are not mandatory if your organisation is a government sector.

 

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