English abstract
The purpose of this research is to investigate, and outline the legal responsibilities, arising from the use of electronic clearing of checks, under the Omani law, The research will demonstrate the purpose of the check clearing system, identify the electrical check cleaning process, and outline the relationship between the applicant bank and the central clearing center in terms of providing accurate information of the applied checks.
In addition the research will focus on illustrating the responsibilities of both banks (the applicant and the beneficiary), in case any of the Banks, have bought utilizing technological equipment that don't comply with the specifications set by the central bank, The research will define the legal obligation of banks who don't honor the checks, and what are the situation, in which banks can refrain from paying the proposed amount.
The research have concluded, that the electronic clearing system adopted within the Sultanate, have contributed massively in reducing the time and workload of the checks clearing process, that have resulted in enhanced performance and more cost effective
approach.
At the end the research have concluded with a number of recommendations, starting with the importance of human development and capacity building in the field of electronic banking strategies, and the advancement of the infrastructure systems used in the finance sector.
Finally, to establish more comprehensive legal controls to improve the existing
rules and regulations.
