MUSCAT: Bank Muscat, the leading financial services provider in the Sultanate of Oman and Savills Oman, the leading global real estate advisor, have signed an agreement to extend Bank Muscat’s cutting-edge digital solutions of Corporate Online Banking and Remote Deposit Capture (RDC) solution to the company. Through this agreement, Bank Muscat leverages its digital capabilities in providing industry proven digital solutions for payments and collections of receivables through an efficient, seamless and secure channel. The agreement was signed by Wafa bint Ibrahim al Ajmiyah, Assistant General Manager - Transaction and Government Banking, Bank Muscat and Ihsan Kharouf, Head of Savills Oman.
Speaking on the occasion, Wafa bint Ibrahim al Ajmiyah, Assistant General Manager - Transaction and Government Banking, Bank Muscat, said: “At Bank Muscat, we have always been at the forefront of providing innovative digital solutions to our customers. Our corporate and institutional customers are on a digital transformation journey and are looking for digital solutions to improve their transactions and processes. We are delighted to tie up with Savills Oman by offering our state-of-the-art digital solutions of corporate online banking and remote data capture, which will bring increased efficiencies in Savills Oman’s business.
Ihsan Kharouf, Head of Savills Oman stated: “Savills Oman and Bank Muscat have a strong banking relationship and this latest partnership strengthens it further. The implementation of digital solutions for payments and collection of receivables is a hugely significant step in our strategy for streamlining operations for our property management clients. The Corporate Online Banking and Remote Deposit Capture solutions will provide us with enhanced control and efficiency, faster payment clearance as well as prompt identification of bounced cheques.
We are delighted to tie up with Bank Muscat for our digitisation efforts to increase business efficiencies, and are proud to offer this enhanced service to our clients.” With business connectivity and digitalisation now more important than ever, Bank Muscat's corporate banking solutions are providing its valued clients with seamless access to a number of corporate services that is crucial to their success in the modern world.
Bank Muscat’s RDC solution offers a host of benefits and features to corporates including faster clearing of cheques; elimination of financial losses related to missed or delayed presentation of cheques; faster reconciliation of cheques using the reports available to the company from the RDC system and better management of post-dated cheques. Corporates have the facility to scan cheques from any bank from the convenience of their offices without the need to manually sort the cheques or visit a Bank Muscat branch daily. The RDC solution also facilitates electronic endorsement on scanned cheques eliminating the need for manual stamping.
Bank Muscat’s Transaction Banking solutions enable achievement of automation in the activities of the treasury/finance team through cutting-edge technology and processes aligned with corporates’ needs. The Account Services solution provides enhanced visualisation of the overall banking relationship across all banks which includes accounts with Bank Muscat as well as other local/international banks. Direct Debit and Virtual Accounts are collection solutions, which facilitate automation in the reconciliation of receivables in addition to providing corporates with complete control and visibility of collections. ‘Sweeps’ is an advanced liquidity management solution for account balance management, which allows automation in fund movements between accounts as per pre-defined rules. ‘Trade Portal’ is the online solution which allows processing of trade finance requests efficiently and with complete transparency.
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