Friday 19 / April / 2024
Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, in line with its ‘Let’s Do More’ vision and commitment to partnership in enhancing innovative banking services, launched a state-of-the-art Business to Business (B2B) Connect platform to address the dynamic business requirements of government and corporate entities.
The B2B Connect platform launch was held at an event focusing on the future trends of transaction banking services, in the presence of Abdul Razak Ali Issa, chief executive, management team members, government and corporate leaders. Various transaction banking services specifically designed to service Government and corporate clients were also showcased on the occasion.
Abdul Razak Ali Issa said, “Bank Muscat understands that the future is centred on digital technology to chart the way forward for government institutions and corporates to do successful business. Accordingly, the bank has introduced innovative solutions to support clients in doing business efficiently. In line with the technological changes in the banking world, Bank Muscat is focused on introducing innovative technology-based banking channels in the Sultanate. The bank is focused on helping government and corporate clients to make a smooth transition towards efficient tech-focused processes and ride the waves of technology to their advantage. The bank looks forward to the stronger partnership with them and thereby contributes to the progress and development of the nation.”
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.
Tariq Atiq, DGM – International Banking & Transaction Banking, said: “Bank Muscat is a pioneer in introducing digital banking solutions to clients. In step with the developments in digitalisation, the bank’s strategy is to help institutions keep pace with these developments and optimise performance. Digital solutions are playing a bigger role in the development of the economy today. Businesses have gone digital covering a wide range of activities from marketing to supply chain to finance management. This shift to digital has immense benefits for corporates and the economy, notably efficiency, cost reduction, accountability, speed and scalability. A digitalisation is no longer an option but a disruptive change, which all institutions have to catch up eventually. Together with the online banking available to all corporates and B2B Connect solution specially designed for large institutions, the bank is in a position to address the complete payment requirements of organisations of any size.”
Highlighting the government focus on digitalisation to achieve better governance and service, government representatives made presentations on important projects in this regard.
The bank’s corporate online banking platform serves as a key solution for corporate payments. With the integration of corporate enterprise resource planning (ERP) systems with the online banking platform, a complete digitalisation is in place for corporate payables as well as reconciliation.
Aimed at helping corporates achieve monetisation of sale, Bank Muscat offers tailor-made solutions such as Remote Deposit Capture and Direct Debit solution. Remote Deposit Capture is an online cheque clearing solution, facilitating faster clearance and efficiencies in account receivables. The Direct Debit solution allows institutions to directly source funds from their customer accounts based on the mutually agreed mandate. The Transaction Banking team provides expert advice to corporates and institutional partners in structuring automated and efficient accounts receivables process.
In 2018, Bank Muscat is set to take a bigger step toward corporate banking digitalisation by starting work on an integrated transaction banking platform for institutions. The new online platform will facilitate all key corporate banking products like payments, trade services, supply chain finance, liquidity and account management.
With the new online platform, customers will no longer be required to follow up with multiple internal and external units to get a real-time update on banking position and status of various transactions. The bank can facilitate online letter of credit, bank guarantee, funding requests and all details of issued, and expiring instruments will be available real-time for institutions availing these services. These transformational solutions will shape the digital banking future for institutions in Oman.
As a trusted banking partner, Bank Muscat remains committed to supporting institutions make a smooth transition towards efficient technology focused processes. The dynamics of B2B Connect platform will be a stepping-stone for corporates to ride the waves of technology to their advantage for the future transaction and digital banking requirements.
