MUSCAT, 29 August 2019
Bank Muscat, the flagship financial services provider in the Sultanate, and The International School of Choueifat have signed an agreement for a new initiative that will allow the school to be linked to the Remote Deposit Capture (RDC) facility offered by Bank Muscat. Remote Deposit Capture is an online cheque clearing solution, facilitating faster clearance and efficiencies in account receivables.
Using Bank Muscat’s RDC solution, The International School of Choueifat will be able to scan the images of cheques from the school office before these cheques are physically submitted to the bank for clearing. This will facilitate faster credit with complete management information services (MIS) to save time, effort and cost for The International School of Choueifat in handling its fees and other collections.
The agreement was signed by Tariq Atiq, DGM - Transaction & Public Sector Banking, Bank Muscat, and Armen Mansourian, School Director at The International School of Choueifat, recently and comes as part of the Bank’s initiative to onboard more businesses and organisations to the various digital solutions and services provided by the bank.
Tariq Atiq, DGM - Transaction & Public Sector Banking, Bank Muscat, said, “Bank Muscat has pioneered digital banking technologies in the country and has partnered with The International School of Choueifat to introduce cutting-edge financial technology. The Bank’s RDC solution will enable The International School of Choueifat to attain better efficiency while at the same time reducing costs.”
Armen Mansourian, School Director at The International School of Choueifat, said: “The RDC solution provided by Bank Muscat has radically improved our fees collection at the school. We are very happy that it enables faster clearance, and improves efficiencies in accounts receivables, thereby improving the experience of both our employees as well as the parents of our students. We are happy to tie up with Oman’s leading financial services provider to further improve our operational efficiencies.”
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 facilitates electronic endorsement on scanned cheques eliminating the need for manual stamping. The system also allows for ROP accepted cheque return advice in English and Arabic for returned instruments. 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.