Bank Muscat hosts corporates to highlight digital banking trends, launches 3 exclusive cards
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, hosted corporate clients at an event focusing on the future trends of transaction and digital banking requirements.
The event hosted as part of ongoing efforts to enhance services and strengthen relations with key business partners was attended by AbdulRazak Ali Issa, Chief Executive, Management Team members, representatives of the Central Bank of Oman (CBO), Information Technology Authority (ITA), corporate and public sector leaders.
Leading government entities and corporates which have made a mark in digitalisation to drive their services and business environment were honoured at the event. Commending the organisations, AbdulRazak Ali Issa, Chief Executive, said: “As the trusted banking partner in Oman, Bank Muscat is committed to partnering with government entities and corporates for their transaction and digital banking requirements. Bank Muscat remains committed to partnering with all institutions and corporate clients for success, as the bank processes and technology are designed to drive future corporate transactions and digital banking requirements.”
Presentations were made by officials of the Central Bank of Oman (CBO) and Information Technology Authority (ITA), highlighting the emerging and future trends in transactions and digital banking requirements. The bank, in its presentation, highlighted the leadership role in providing innovative transactions and digital banking products and services.
Tariq Atiq, DGM — Transaction & Public Sector Banking — Wholesale Banking Group, said: “When companies understand the big picture for business and its vision for the future, they can more easily comprehend and support the need to adopt new technologies. In line with the technological changes in the banking world, Bank Muscat is focused on introducing innovative technologybased banking channels in the Sultanate. The technology focus of Bank Muscat is reflected in the largest network of interconnected branches, payment gateways, cards, merchant services, alternate channels of ATMs, CDMs, online and mobile banking as well as connectivity with utility service providers. Bank Muscat is focused on helping corporates to make a smooth transition towards efficient tech-focused processes and ride the waves of technology to their advantage. The bank looks forward to stronger partnership with corporate clients and thereby contribute to the progress and development of the nation.”
Bank Muscat understands that the future is centred on digital technology to chart the way forward for corporates to do successful business. Accordingly, the bank has introduced innovative solutions to support clients in doing business efficiently and easily connected with vendors and customers.
The bank frequently updates products and services in line with the requirements of corporates which are attuned to automation and digitalisation. Taking this into account, Bank Muscat has aligned its strategic plan for a complete digital transaction banking platform which will take care of all current and future requirements of corporates and allow organisations to efficiently perform its daily operations and take informative strategic decisions to grow the company.
The platform will allow corporates to handle its receivables and payments requirements, connect with vendors and provide easier payment solutions to customers.
The platform will also provide a range of solutions in trade and financing, liquidity and treasury, MIS and reporting requirement. The platform will fulfil the requirement for straight through processing and reconciliation.
The first step towards this is the corporate online banking platform which allows corporates to control their finances 24x7. In addition to managing account, corporate online banking platform helps with real time information of account details, transactional capabilities in local or foreign currencies as well as bulk payments.
The online banking platform acts as a digital dashboard to provide intelligent information for making critical decision. Most importantly the online banking platform is built using the latest technologies with world-class security features like encryption, dual authentication and virtual keyboards.
In order to enhance financial flexibility with greater user experience, superior payment controls and easy to access to MIS reports, Bank Muscat introduced three new credit cards at the event.
The new Visa corporate cards are equipped with self-service feature to obtain user friendly MIS reports to track corporate expenditure data and are enhanced with Visa’s state-of-the-art card expenditure control tool, Chip and PIN enabled for greater security, worldwide acceptance and ideal for Government payments as well as Internet and online payments.
Bank Muscat Corporate Standard credit card is ideal for travel, entertainment, procurement and online purchases. This card can be used by organisations for their day to day operations. Additionally, this card provides access to airport lounges in Muscat and Salalah international airport.
Bank Muscat Corporate Signature credit card is designed for top executives. Signature Corporate Card has access to over 550 lounges around the globe, exclusive concierge services, and preferential rates at renowned hotels, offers at various golf courses around the globe, multi-trip travel insurance and much more.
Bank Muscat Corporate Purchase card is an ideal solution for government Visa corporate payments. The card is accepted only in Oman and in the government sector and has no cash withdrawal facility.
Further adding convenience, the bank also introduced for the first time in Oman two web-based services to provide comprehensive information and details of transactions in order to control card usage.
With Visa intellilink, all transaction details can be accessed with a simple click and with Bank Muscat payment control, customers can customise corporate card usage by controlling card usage locations, timing, merchant’s preference and much more.
Amjad al Lawati, AGM — Cards & eBanking, said: “The new suite of corporate cards by Bank Muscat is designed to meet the evolving needs of corporate payments. Things are happening faster than ever and the way corporates respond will determine their future, therefore it is important for the management of organisations to foresee the future and take courageous steps towards digitalisation. In order to facilitate this, Bank Muscat has the right technology, process and expertise to take care of all digital transactional banking requirements.”