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Bank Muscat sets benchmark in digital banking service for corporates

​MUSCAT, 4 July  2018

Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision 'To serve you better, everyday' and commitment to setting new standards in banking excellence, has reinforced Corporate banking services on the back of a slew of digitalisation and technology developments. The bank hosted a media tour to showcase the innovative Corporate Banking facilities at Al Nahda Towers branch in Ghala.


Tariq Atiq, DGM – International Operations & Transaction Banking, said: “Bank Muscat is a pioneer in introducing digital banking solutions to corporate clients. In step with the developments in digitalisation, the bank's strategy is to help institutions keep pace with these developments and optimise performance. Digital solutions are playing a bigger role in the development of the economy today. 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 change which all institutions have to catch up eventually. With a series of innovative online banking and technology developments, Bank Muscat is in a position to address the complete payment requirements of organisations of any size."


As the trusted banking partner in Oman, Bank Muscat is committed to supporting government entities and corporates to make a mark in digitalisation to create a successful business environment. Bank Muscat processes and technology are designed to drive future corporate transactions and digital banking requirements.



The technology focus of Bank Muscat is reflected in the largest network of inter-connected 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.


Corporate online banking

The 'anytime, anywhere' online banking offers an array of innovative service to corporate customers and is available in both English and Arabic at https://www.bankmuscatonline.com


The Bank Muscat corporate online banking platform helps corporates to control their finances 24x7. In addition to managing accounts, corporate online banking platform facilitates real time account details, transactions 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 decisions. Most importantly, the online banking platform is built using the latest technologies with world class security features like encryption, dual authentication and virtual keyboards.


B2B Connect platform

As the trusted banking partner, Bank Muscat remains committed to supporting institutions make a smooth transition towards efficient technology focused processes. The bank has a state-of-the-art Business to Business (B2B) Connect platform to address the dynamic business requirements of Government and corporate entities. The niche B2B Connect solution is an advanced version of online banking targeted mainly at large corporates. With the B2B Connect solution, corporates can carry out payment approvals in their ERP and the information can flow to the bank for processing. Through this solution, institutions can build an efficient and robust payment and reconciliation system. The dynamic B2B Connect platform is a stepping stone for corporates to ride the waves of technology to their advantage for future transaction and digital banking requirements.

Remote Deposit Capture & Direct Debit Solutions


Aimed at helping corporates achieve monetisation of sale, Bank Muscat offers tailor-made solutions such as Remote Deposit Capture and Direct Debit solution. Remote Deposit Capture is an online cheque clearing solution, facilitating faster clearance and efficiencies in account receivables. The Direct Debit solution allows institutions to directly source funds from their customer accounts based on mutually agreed mandate. The Transaction Banking team provides expert advice to corporates and institutional partners on structuring an automated and efficient accounts receivables process.


WPS salary transfer

All private sector employers in Oman are required to register under the Wages Protection System (WPS) and disburse wages/salaries to their employees through a new file structure specified under WPS as per directives from the Central Bank of Oman and the Ministry of Manpower. The WPS salary payment facility is available on the bank's corporate online banking channel. Salary transfer under the WPS system offers multiple benefits to corporates, including faster processing (same day processing) and real time credit into the account of employees.

Global Relationship Management Programme

The bank has launched a unique Global Relationship Management Programme aimed at a dynamic shift in customer engagement and partnership to handle the entire banking requirements of Corporate clients from the same platform. The initiative creates synergies across the bank in bundling products and services to elevate services to Corporate clients.

At the core of the initiative is a team of dedicated Global Relationship Managers to analyse and advise Corporate clients on their complex banking requirements. With the Global Relationship Management Programme, Corporate business partners will no longer need to follow up with multiple internal and external units to initiate various transactions. The efficient synchronised banking will help the Corporate Banking department to offer industry specific services and solutions covering the entire banking, trade and financing requirements from the same platform.


Tariq Atiq said: “Bank Muscat has the reputation of seizing the opportunity to offer the best in class services to Corporate banking partners. The Corporate banking partners are welcoming with great enthusiasm the technological developments aimed at offering superior service delivery. Bank Muscat is receptive and committed to meeting the present and future requirements of Corporate banking clients. The bank is making sizeable investments in technology developments and Corporate product offerings to take care of the changing trends and requirements of customers. Bank Muscat remains committed to partnering with Corporate clients for success as the bank processes and technology are designed to drive their future banking requirements."


Corporate cards

Featuring state-of-the-art technology, the bank offers a suite of corporate cards designed to meet the evolving needs of corporate payments. 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.


The Bank Muscat corporate credit cards enhance financial flexibility with greater user experience, superior payment controls and easy to access to MIS reports. The cards are equipped with self-service features to obtain user friendly MIS reports to track corporate expenditure data. The unique features include state-of-the-art card expenditure control tool, Chip and PIN for greater security, worldwide acceptance and ideal for Government payments as well as internet and online payments.


Tariq Atiq added: “Bank Muscat is set to take a bigger step toward corporate banking digitalisation with an integrated transaction banking platform for institutions. The new online platform will facilitate all key corporate banking products like payments, trade services, supply chain finance, liquidity and account management. With the new online platform, customers will no longer be required to follow up with multiple internal and external units to get real time update on banking position and status of various transactions. The bank can facilitate online letter of credit, bank guarantee and funding requests and all details of issued and expiring instruments will be available real time for institutions availing these services. These transformational solutions will shape the digital banking future for institutions in Oman."


Corporate Branches

Bank Muscat has established exclusive Corporate banking branches across the Sultanate as part of its efforts to enhance convenience and add value to services offered to corporate and government customers. The Corporate branches are Al Nahda Towers branch in Ghala, Al Tareef branch in Sohar and New Salalah branch in addition to the branch in Muscat's CBD area.  These branches provide their services to corporate customers only and follow up all the needs of the corporates and provide facilities and banking services that contributes to the development of these corporate & government institutions. Each branch includes a number of specialized departments such as the Small and Medium Credit Services and the International Trade and the Commercial Loans departments, which provides comprehensive services for corporates quickly and with high quality.  Corporates and government customers can benefit from these specialized branches that offers the services and facilities to all their inquiries and also cab benefit from the commercial solutions offered by Bank Muscat for this category.