MUSCAT, 03 April 2018
Bank Muscat, the flagship financial services provider in the Sultanate, in line with its dynamic vision 'To serve you better, everyday', hosted a workshop for corporate banking customers to showcase the WPS salary payment facility 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. The event organized by the Transaction Banking division familiarised a large turnout of corporates on how to process salaries online.
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.
Tariq Atiq, DGM – International Operations and Transaction Banking, said: “Bank Muscat is proud to facilitate salary transfer under the WPS system as part of its commitment to introduce innovative banking services and products that meet the requirements of corporate customers. The dynamics of Bank Muscat internet banking is a stepping stone for corporates to ride the waves of technology to their advantage. The corporate internet banking is an advanced platform that can take care of all payments of corporate clients in a safe and secure manner. The Bank is committed to supporting corporates make a smooth transition towards efficient tech-focused processes."
As the trusted banking partner, Bank Muscat is in line with all the technological changes in the banking world. The technology-based banking solutions available for corporate clients include Direct Debit, Remote Deposit Capture and Business to Business Connectivity.
Direct Debit provides timely settlements payable by customers to corporates through direct debit deductions of costumers' bank accounts.
Remote Deposit Capture is an electronic clearing solution of cheques through a web server. The solution enables corporates to electronically transmit images of cheques to bank for processing. The solution can capture both interbank and intrabank cheques favouring corporate clients of the Bank and covers both present dated and future dated cheques.
B2B (Business-to-Business) Connectivity is a solution to automate two-way data transfer service for online banking usage between corporates and the Bank. B2B Connectivity is mainly targeted at large corporates working on enterprise resource planning (ERP) system. The B2B connects ERP system with the corporate online banking platform.
Bank Muscat remains committed to partnering with all corporate clients for success, as the Bank processes and technology are designed to drive future corporate transaction and digital banking requirements.