Muscat, 1 April 2020 – In line with the convenience, safety and wellbeing of all people in Oman, Bank Muscat, the flagship financial services provider in the Sultanate, has recommended that its institutional customers including government departments and large corporates maximise the use of digital banking channels for their financial requirements. The bank’s niche Business to Business (B2B) Connect solution is particularly useful in this regard for institutional customers to conduct their banking operations from the safety and convenience of their offices or homes without any branch visit thereby ensuring social distancing.
The B2B Connect solution is an advanced version of corporate online banking. With this solution, large institutions can carry out payment approvals in their Enterprise Resource Planning system (ERP) and the information then flows to the bank for processing. They can thereby build an efficient and robust payment and reconciliation system. The Bank’s B2B solution will seamlessly and securely integrate with an institution’s ERP system to provide an automated, two-way data transfer service for high volume online payments.
A government department, ministry or large corporate will be able to optimise the efficiency of their employees by saving on man-hours since personal visits and face-to-face interaction with bank employees will not be required daily for payment processing and reconciliation. The enhanced ease of banking will enable the institution to provide better service to its vendors, customers and other stakeholders because of the straight-through nature of online channels. Large institutions in Oman will be able to achieve a high degree of automation in payables reconciliation and minimise risks related to payment processes through the B2B Connect solution.
Tariq Atiq, DGM – Transaction & Public Sector Banking, Bank Muscat, said that the transition to digital and online services is particularly important now with the emergence of the COVID-19 threat to the safety and well-being of people. We urge our institutional customers to take full advantage of the electronic banking channels that are available to them and enforce the social distancing norms advised by the local authorities. As a trusted and pioneering banking partner, Bank Muscat remains committed to supporting large corporates and institutions in smoothly transitioning towards efficient technology-focused processes that can enhance banking convenience.
Bank Muscat also offers corporates other tailor-made solutions such as Corporate Internet Banking, Remote Deposit Capture and Direct Debit solutions. Bank Muscat has been a pioneer in Oman in implementing digital banking solutions for its customers. Please go to https://www.bankmuscat.com/en/bankingchannels/Pages/default.aspx for more information on the bank’s e-channels.