bank muscat SAOG: Digital banking solutions help businesses, SMEs and government institutions

MUSCAT, March 13, 2022
In line with its customer-centric vision to “serve you better every day”, Bank Muscat, the Sultanate’s leading financial services provider, continues to launch innovative digital banking solutions and services that transform banking for its institutional and business customers. ‘business. In recent years, the bank has launched several digital banking solutions capable of meeting the varied and complex needs of government institutions, large organizations as well as small businesses. The Bank’s Business Internet Banking, Business to Business (B2B) Connect solution, Direct Debit solution, Virtual Accounts, Sweeps solution, Remote Deposit Capture (RDC), Point of Sale and payment gateway are increasingly being leveraged by bank customers to rapidly transform businesses and improve efficiency. These solutions optimize cash flow, provide complete control and visibility of funds, making working capital management more predictable.

Speaking on the bank’s cutting-edge digital solutions, Wafa Ibrahim Al Ajmi, Deputy Managing Director, Transaction & Government Banking, said, “At Bank Muscat, we have successfully built a strong technology infrastructure and created a digital culture which is integrated into all of our operations, products and services. We are committed to providing our clients with innovative digital solutions to bring efficiency to their business and achieve scale. The bank’s digital strategy aims to offer the latest financial services and solutions in line with global financial trends for its large number of customers. It is our sustained effort to improve our customer value proposition by investing in digital and digitizing the entire customer journey, improving both customer value and comfort. We are very pleased to see that our corporate clients are rapidly adopting the bank’s cutting-edge digital banking solutions to speed up transactions, optimize the efficiency of their employees, minimize the risks associated with data entry in payment processes, improve overall security and maintain business continuity. We encourage all of our corporate customers to use the digital solutions offered by Bank Muscat and enjoy a convenient and effortless banking experience.”

As part of our digital journey, the bank has reached an important milestone with the launch of its next-generation Integrated Transaction Banking Platform, which offers a full suite of advanced digital solutions, including payments, services accounts, collections and receivables, liquidity and business solutions. The platform offers a seamless user experience with an easy to use interface. The platform provides full visibility and control over fund positions across geographies in multiple currencies via the Account Services Dashboard.
Collections and receivables solutions provide the flexibility and predictability of direct debit and virtual account fund collections, bringing agility to finance and treasury functions.

Cash Management via Sweeps helps to effectively automate fund management with a sweeping mechanism to strike the right balance of cash for efficient fund utilization. Easy reconciliation is supported by direct reconciliation tools available on the platform. This digital transformation will facilitate business operations, bring insights and provide complete control over funds visibility and management.

Corporate Internet Banking is a payment solution that can securely handle all corporate client payments. The platform is bilingual (Arabic and English) and is also device and browser independent. It allows business decision makers to view account details in real time and download statements along with the audit trail of transactions. The platform supports a variety of transaction types including local and international Omani Rial and foreign currency transactions, one-time payments, bulk file uploads for payroll and vendor files, in addition to special payments such as credit card payments and bill payments. Meanwhile, the bank’s popular B2B Connect solution is an advanced version of the bank’s corporate online banking. With the B2B Connect solution, large institutions can perform payment approvals in their enterprise resource planning (ERP) systems. The information is then sent to the bank for processing. Customers can thus use an efficient and robust payment and reconciliation system. The bank’s B2B solution will seamlessly and securely integrate with an institution’s ERP system to provide a two-way data transfer service for high-volume online payments. It is particularly useful for supplier and salary payments by government departments, ministries and large companies.

Bank Muscat’s Remote Deposit Capture is an online check clearing solution, facilitating faster clearing and efficiencies in accounts receivable. Checks can be scanned and images sent electronically to the bank for faster clearing of funds. Businesses have the ability to scan checks from any bank from the comfort of their offices without having to manually sort checks or travel to a Bank branch in Muscat daily. The RDC solution also facilitates the electronic endorsement of scanned checks, eliminating the need for a manual stamp.

Bank Muscat’s Merchant Acquiring offers best-in-class payment products to help businesses grow and reach new heights. Payment acceptance solutions offered by the bank include point-of-sale (PoS) terminals as well as online payment options. Payment acceptance solutions features include universal compliance with up-to-date security features, acceptance of all domestic and international debit, credit and prepaid cards, fast payment settlements, on-site support and a 24-hour assistance service. as well as access to payment reports to facilitate reconciliation.

Bank Muscat’s digital solutions and services are boosted by its new Corporate Banking website(Click here)which provides direct links to services and solutions, including online business banking, business loans and solutions, trade finance, agency and custodial services, industry information and electronic applications for various business solutions and other banking services.

The bank’s ongoing digitization campaign is in line with the goals of Oman Vision 2040 and will further boost financial inclusion in Oman. Digitization affects the entire value chain of institutions and businesses by providing sophisticated analysis of datasets, real-time insights to ensure transparency, and better control for customers to make more informed decisions. The bank’s efforts in customer centricity and digitalization have been well recognized by local and international media, with the bank regularly winning numerous awards across its various business lines. In 2021, Bank Muscat won prestigious awards for Best Corporate/Institutional Digital Bank (Oman) and Best Consumer Digital Bank (Oman) from Global Finance in recognition of the bank’s commitment to providing digital solutions innovative to its customers.

Michael J. Birnbaum