Bank So­har in­tro­duces Mo­bile Pay­ment Clear­ing and Switch­ing Sys­tem

Muscat Daily - - PRESS RELEASES -

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.

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