Bank Sohar introduces Mobile Payment Clearing and Switching System
Bank Sohar has implemented Mobile Payment Clearing and Switching System (MpClear) as part of strategies to usher in technological innovation and better service efficiencies to customers. The new service facility was made available to the bank’s customers, reiterating its commitment to deploying digital advancements that strengthen the country’s payment infrastructure by guaranteeing fast, efficient and safe cash remittances.
Sasi Kumar, acting CEO, Bank Sohar, said, “We applaud the Central Bank of Oman for continuing to raise the technological bar in e-payments and financial inclusion. The new MpClear system is a significant addition to the CBO’s chain of advanced digital payment channels in its goal to fulfill the government’s e-governance strategy.
“We are proud to be part of the initiative and ensure its success alongside our own mobile banking application. The new facility will also complement the bank’s suite of innovative financial solutions such as our oneminute mobile banking app and the diverse range of digital banking solutions we offer to customers on a daily basis.”
Following the launch of the MpClear system, Bank Sohar customers will be able to conduct funds transfers on the Bank Sohar Mobile Banking App, using their phone numbers instead of their account numbers.
The transfer will be made to Virtual accounts or mobile ‘wallets’, wherein a Bank Sohar App user will be able to transfer money through her/his wallet account to a wallet account beneficiary. Unlike traditional banking, these accounts numbers will be linked to users’ mobile numbers allowing transfers 24x7. Standout advantages of the new feature are primarily that it offers instant funds transfers, is safe, convenient and facilitates electronic payments.
Emphasising how the new system will benefit customers, Mujahid Said al Zadjaly, DGM of IT and Alternate Channels at Bank Sohar, said, “The most important feature of the new MpClear system is that it will enable customers to con- duct immediate fund transfer in a safe, reliable and efficient manner. This is yet another milestone in the growing global trend of cashless transactions.”
Alongside the mobile banking app, Bank Sohar offers customers access to its comprehensive Al Mumayaz Internet Banking service, providing them with real-time access to their accounts through a web-based portal.
Apart from convenient account balances, a bouquet of services is also offered which include transfer of funds, online utility payments, viewing account statements, instant transfers to a leading bank in India, transaction history and many other features that allow for total freedom in managing funds anytime and anywhere. Furthermore, it is a simple yet secure way to bank, offering a high-level security system to ensure data privacy and security of all transactions.
The bank also offers its internationally benchmarked Al Mumayaz SMS Banking Services providing customers with automated alerts of any transactions on the user’s account directly on their mobile phones.
In addition to the Bank Sohar Mobile Banking App and other market leading retail products and services, Bank Sohar provides an extensive network of 29 conventional branches with more than 56 ATMs across the sultanate.
Bank Sohar customers can also avail of convenient cash withdrawal services at over 1,000 ATMs across the country operating under the ‘OmanNet’ platform. The bank’s ATMs at Buraimi and Shinas border continue to operate with the ‘Dirhams Dispensing’ facility.