MUSCAT: Bank Muscat, the leading financial services provider in the Sultanate of Oman and Al Maha Petroleum Products Marketing Co, one of the major petroleum products marketing companies operating in Oman, have signed an agreement to extend Bank Muscat’s ‘Virtual Account’ and ‘Direct Debit’ solutions to the Company. Through this agreement, Bank is providing Al Maha Petroleum Products Marketing with the bank’s advanced digital capabilities to manage the collections more competently and efficiently.
The agreement was signed by Eng Hamed Salim al Maghdri, Chief Executive Officer and Hiriyanna Narayanaswamy, Chief Financial Officer of Al Maha Petroleum Products Marketing Co, and Wafa Ibrahim al Ajmi, Assistant General Manager, Bank Muscat.
Speaking on the occasion, Wafa Ibrahim al Ajmi, Assistant General Manager, Bank Muscat, said: “Corporates require a partner who can help them streamline the complexities of payments, collections, account management and get the right information on their business to make informed financial decisions. At Bank Muscat, we always strive to empower our customers by being a reliable partner in providing industry-proven innovative digital solutions. Bank Muscat stands out as a pioneer in the banking industry, bringing industry-first customer-focused digital solutions. Our ‘Virtual Accounts’ and ‘Direct Debit’ solution provides complete control over the collection of funds. These solutions will benefit Al Maha Petroleum Products Marketing Co. with quick and seamless management of collections with added advantage of straight through reconciliation.”
Eng Hamed Salim al Maghdri, Chief Executive Officer, Al Maha Petroleum Products Marketing Co. said “We are proud to partner with Bank Muscat to use their unique collection solutions like ‘Virtual Accounts’ and ‘Direct Debit’ solutions, which will support in our commitment to provide a comprehensive network of service stations across Oman with streamlining of collections. We look forward to seeing the impact of this partnership in driving development and growth at Al Maha Petroleum Products Marketing Co.”
Hiriyanna Narayanaswamy, Chief Financial Officer, Al Maha Petroleum Products Marketing Co. said: “The state-of-the-art digital collection solutions from Bank Muscat provides our treasury and finance function, the flexibility to manage collections efficiently across our networks. Efficient and faster collections of funds is a critical component of our business and is a key element in seamless function of our service stations.”
Bank Muscat’s Transaction Banking solutions enable achievement of automation in the activities of the treasury/finance team through the use of cutting-edge technology and processes aligned with corporate’s 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 with 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 and allows automation in funds movement between accounts as per pre-defined rules. The ‘Trade Portal’ is an online solution, which allows processing of trade finance requests efficiently and with complete transparency. The bank’s online Corporate Banking platform and the B2B Connect solution also facilitate salary payments for employees through a secure payment channel under the Wages Protection System (WPS) as mandated by the Central Bank of Oman and the Ministry of Manpower. The bank has recently also launched contactless Visa Pre-load payment cards for corporates to streamline petty cash and cash expenses.
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