Bank Muscat holds online banking workshop on CBO’s mandate for secure payroll processing

Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to innovation recently conducted an awareness and training session for their corporate clients at the bank’s Head Office.

The session focussed on its online banking platform and its capabilities on transferring payroll payments through secure files as well as other available especially designed digital solutions for corporates. The training session focussed on digital solutions available to corporates and the effective use of the online banking platform.

Tariq Atiq, DGM – Transaction & Public Sector Banking, Bank Muscat, said, “We are very happy to organise this training session for the benefit of all our corporate and government banking customers. Bank Muscat is set to provide its corporate customers with secure digital payroll processing channels as per the Central Bank of Oman’s (CBO) mandate in this regard and we understand that the future is centred on digital technology for corporates and government entities to successfully chart the way forward. We encourage our customers to explore the very relevant features of our digital banking platform, which will enable them to provide better service to their vendors, customers and other stakeholders. The bank has invested heavily in technology to stay relevant for our customers for their future banking needs and will continue its investments in this domain going forward.”

Online banking offers an array of innovative service to corporate customers and is available 24/7 through in both in both English and Arabic. In addition to managing accounts, the online banking platform helps corporates with real-time information of account details, transactional capabilities in local or foreign currencies as well as bulk payments. It is built using the latest technologies with world-class security features like encryption, two-factor authentication and virtual keyboard. It allows corporates to handle their receivables and payments requirements, connect with vendors and provide easier payment solutions to customers. The platform also provides a range of solutions in liquidity management and allows corporations to perform payroll transactions though a fully automated straight through process.

The niche B2B Connect solution is an advanced version of online banking targeted mainly at large corporates. With the B2B Connect solution, corporates can carry out payment approvals in their ERP and the information can flow to the bank for processing. Through this solution, institutions can build an efficient and robust payment and reconciliation system.

Bank Muscat’s Remote Deposit Capture (RDC) facility is an online cheque clearing solution, facilitating faster clearance and efficiencies in account receivables. It offers a host of benefits and features to corporates including: faster clearing of cheques; elimination of financial losses related to missed or delayed presentation of cheques; faster reconciliation of cheques using the reports available to the company from the RDC system and better management of post-dated cheques. Corporates have the facility to scan cheques from any bank from the convenience of their offices. The RDC solution also facilitates electronic endorsement on scanned cheques eliminating the need for manual stamping. The Direct Debit solution allows corporates and large institutions to directly source funds from their customer accounts based on a mutually agreed mandate.

The Transaction Banking team provides expert advice to corporates and institutional partners on structuring an automated and efficient accounts-receivables process. As the trusted banking partner in Oman, Bank Muscat is committed to supporting both government entities and the private sector to make a mark in digitalisation to create a successful business environment. Bank Muscat processes and technology are designed to drive future corporate transactions and digital banking requirements.

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