OAB and Thawani Technologies ink pact
OAB will act as the banking consultant for Thawani to ensure that the smart platform products comply with instructions set forth by the Central Bank of Oman and other market authorities
MUSCAT: Oman Arab Bank (OAB) and Thawani Technologies have recently entered into a partnership agreement under which OAB will function as the banking partner of the Thawani platform, an innovative e-payment solution.
The signing ceremony saw the presence of Rashad Al Musafir, acting CEO of OAB, representing the bank, and Majid bin Fayil Al Amri, founder and CEO of Thawani, representing Thawani Technologies.
The agreement was signed at a press conference held at the Grand Millennium, Muscat; in which it was stated that OAB will act as the banking consultant for Thawani to ensure that the smart platform products comply with instructions set forth by the Central Bank of Oman (CBO) and other market authorities. Additionally, OAB will also work closely with them on matters relating to risk management and combating financial fraud, alongside the execution of all transactions via Thawani’s new e-payment app.
Rashad Al Musafir noted, “OAB has previously invested extensively in building its e-payment gateway as part of its digital transformation plan. This gateway was successfully launched a few weeks ago. The signing of this partnership agreement with Thawani, for the launch of this unique platform, the first of its kind in the Sultanate, will greatly benefit the retail and services sector. It will further facilitate easy payment processes while at the same time ensuring privacy, confidentiality, and security.”
From his perspective, Majid Al Amri noted, “We are delighted to partner with a bank that has such a visionary outlook for the e-payment field. We are confident that the Thawani platform is going to play a fundamental role in facilitating digital transactions. Over the course of the last six months, we have witnessed high market demand for e-payments solutions and the technology utilised for the Thawani platform is amongst the most advanced in the world. Today, we see a new era for e-payment so- lutions in the country; made possible through our advanced app utilising the latest technologies and overseen by highly qualified staff, in cooperation with a pioneering banking institution, well known for its innovative digital solutions.”
OAB launched its e-payment gateway in late December in the line of its future vision of the financial services’ sector, which is currently undergoing a rapid transformation towards a more digital economy.
Thawani Technologies launched its new e-payment platform ‘Thawani’ in May 2017 to become the first of its kind in the Sultanate. The platform featured an innovative design that ensured easy accessibility of its services for both businesses and consumers. The users need only carry out the initial setup and enter their financial data in order to start using the app and make or receive payments. As such, the platform has introduced the Sultanate to a new era of financial transac- tions, one that will facilitate easier and faster payments while reducing all probable risks.
As for security, Rashad al Musafir asserted that the platform is set up in accordance with all CBO regulations as well as international PCI DSS and PA-DSS standards for data integrity and secure encryption.
Al Amri also confirmed that Thawani, in collaboration with relevant departments at OAB, adopts very strict controls to ensure fraud protection, risks management, and anti-money laundering.
Starting from March 13, the Thawani App will be made available on both Google Play and App Store free. While using the app, customers will not only enjoy absolute convenience but will also be able to keep their banking data completely private. They will not be required to share any card, bank, or account information at any point during a transaction. In addition, with Thawani, customers need only scan the buyer’s QR code and enter the amount of payment required to complete the transfer process.
If you are not present at the shop, you can instead use their supplied merchant ID or saved a phone number to carry out the transaction. Alternatively, the merchant can send you a payment request via ‘WAYYAK’ on the app, which you can then approve to complete the transaction. In addition to the convenience it provides, the app also offers a wide range of other benefits including a new alternative for making bill payments.
For businessmen and retail merchants, the new platform from Thawani and OAB will be far more useful than systems currently available on the market. In addition to the minimal fees required for using the platform, the time to complete a payment transaction is amongst fastest in the market, thanks to new technologies and programs developed by both Thawani and OAB.