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Bank Muscat signs agreement with Khimji Ramdas Group

MUSCAT, 08 October 2019 

Bank Muscat, the flagship financial services provider in the Sultanate, and leading corporate Khimji Ramdas Group have signed an agreement to on-board Khimji Ramdas to Bank Muscat’s Corporate Internet Banking platform while also providing access to the bank’s Remote Deposit Capture (RDC) facility. The agreement was signed by Tariq Atiq, DGM - Transaction & Public Sector Banking, Bank Muscat and Sankar Gopalakrishnan, Executive Director, Khimji Ramdas Group recently and comes as part of the Bank’s initiative to on-board more corporates to the digital solutions and services provided by the bank.

Corporate Internet Banking is a payments solution, which can take care of all payments of corporate clients in a safe and secure manner. The platform is bilingual (Arabic and English) and is also device and browser agnostic. It allows corporate decision makers to view account details in real-time and download statements as well as the audit trail of transactions. The platform supports various types of transactions including: Omani Rial and foreign currency transactions, international transactions, one-time payments, file uploads for salary and vendor files in Omani Rial, wage protection system (WPS) salary file, special payments like credit cards payments and bill payments. There is also a utility bill payment module.

Bank Muscat’s RDC facility is an online cheque clearing solution, which facilitates faster clearance and efficiencies in account receivables. Employees of the Khimji Ramdas Group companies will be able to scan the images of cheques from their offices or branches before these cheques are physically submitted to the Bank leading to faster credit with complete management information services (MIS).

Tariq Atiq, DGM - Transaction & Public Sector Banking, Bank Muscat, said: “We are happy to welcome the Khimji Ramdas Group onto our Corporate Internet Banking platform and RDC facility. Bank Muscat is striving hard to help corporates keep pace with rapid technological developments and optimise their performance. With a number of innovative online banking developments, Bank Muscat is in a position to address the complete payment requirements of organisations of any size.”

Sankar Gopalakrishnan, Executive Director, Khimji Ramdas Group, said: “This agreement will facilitate enhanced banking convenience as well as lead to faster credit with complete MIS. On boarding to Bank Muscat’s Corporate Internet Banking platform will substantially improve the satisfaction of our stakeholders. We are happy to partner with Bank Muscat in implementing this cutting-edge fintech that will greatly enhance our efficiencies.”

Bank Muscat also offers corporates other tailor-made solutions such as the niche B2B Connect and Direct Debit solutions. 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 Transaction Banking team provides expert advice to institutional partners on structuring an automated and efficient accounts-receivables process. As a trusted banking partner, Bank Muscat remains committed to supporting all corporates and institutions in smoothly transitioning towards efficient technology-focused processes.