The B2B Connect platform launch was held at an occasion focusing on the future trends of transaction banking solutions, in the presence of Abdul Razak Ali Issa, chief executive, management team members and government and corporate leaders. Various transaction banking solutions especially created to service government and corporate clientele had been also showcased on the occasion.
Issa stated, “Bank Muscat understands that the future is centred on digital technologies to chart the way forward for government institutions and corporates to do productive enterprise. Accordingly, the bank has introduced revolutionary options to assistance clientele in carrying out enterprise effectively. In line with the technological adjustments in the banking planet, Bank Muscat is focused on introducing revolutionary technologies-primarily based banking channels in the sultanate.
“The bank is focused on helping government and corporate clients to make a smooth transition towards efficient tech-focused processes and ride the waves of technology to their advantage. The bank looks forward to a stronger partnership with them and thereby contribute to the progress and development of the nation.”
The niche B2B Connect remedy is an sophisticated version of on-line banking targeted primarily at big corporates. With the B2B Connect remedy, corporates can carry out payment approvals in their ERP and the info can flow to the bank for processing. Through this remedy, institutions can construct an effective and robust payment and reconciliation program.
Tariq Atiq, DGM – International Banking and Transaction Banking, stated, “Bank Muscat is a pioneer in introducing digital banking options to clientele. In step with the developments in digitalisation, the bank’s technique is to aid institutions maintain pace with these developments and optimise overall performance. Digital options are playing a larger function in the improvement of the economy these days.
“Businesses have gone digital covering a wide range of activities from marketing to supply chain to finance management. This shift to digital has immense benefits for corporates and the economy, notably efficiency, cost reduction, accountability, speed and scalability. Digitalisation is no longer an option but a disruptive change which all institutions have to catch up eventually. Together with the online banking available to all corporates and B2B Connect solution specially designed for large institutions, the bank is in a position to address the complete payment requirements of organisations of any size.”
Highlighting the government concentrate on digitalisation to attain far better governance and service, government representatives produced presentations on essential projects in this regard.
The bank’s corporate on-line banking platform serves as a important remedy for corporate payments. With the integration of corporate enterprise resource organizing (ERP) systems with the on-line banking platform, a full digitalisation is in spot for corporate payables as effectively as reconciliation.
Aimed at assisting corporates attain monetisation of sale, Bank Muscat provides tailor-produced options such as Remote Deposit Capture and Direct Debit remedy. Remote Deposit Capture is an on-line cheque clearing remedy, facilitating quicker clearance and efficiencies in account receivables.
The Direct Debit remedy enables institutions to straight supply funds from their client accounts primarily based on mutually agreed mandate. The Transaction Banking team offers specialist suggestions to corporates and institutional partners on structuring an automated and effective accounts receivables method.
In 2018, Bank Muscat is set to take a larger step toward corporate banking digitalisation by beginning perform on an integrated transaction banking platform for institutions. The new on-line platform will facilitate all important corporate banking items like payments, trade solutions, provide chain finance, liquidity and account management.
With the new on-line platform, clients will no longer be needed to stick to-up with numerous internal and external units to get actual time update on banking position and status of numerous transactions. The bank can facilitate on-line letter of credit, bank assure and funding requests and all particulars of issued and expiring instruments will be accessible actual time for institutions availing these solutions. These transformational options will shape the digital banking future for institutions in Oman.
As the trusted banking companion, Bank Muscat remains committed to assistance institutions make a smooth transition towards effective technologies focused processes. The dynamics of B2B Connect platform will be a stepping stone for corporates to ride the waves of technologies to their benefit for future transactions and banking.
Information Source: Muscat Daily