MUSCAT, 12 March 2020
Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ has requested all its Corporate Banking customers to facilitate salary transfers to their employees using a secure format as legally mandated. Bank Muscat, which prides itself in being future-ready, has already enabled new secure formats for ahead of all the mandated deadlines.
Already nearly 90 per cent of the bank’s corporate customers have migrated to the new secure formats. Bank Muscat has requested all public and private institutions to switch over to the new secure formats as the bank will cease to accept salary payment instructions in unsecure formats after 30 June 2020. Salary instructions can be provided through Bank Muscat Internet banking, Bank Muscat Password Protected File Format or the Bank Muscat PDF Format. The bank recommends using Internet Banking as authorised employees/executives from the corporate can easily complete the entire salary transfer process without visiting a branch, while maintaining the highest level of security for all transactions.
Tariq Atiq, DGM - Transaction & Public Sector Banking, said: “There is a demand for Bank Muscat’s Corporate Internet banking and a large number of our customers are already using it to enhance their ease of banking while maintaining the best possible security for their transactions. We request all our corporate customers to start using the Internet Banking platform as the preferred option ahead of the 30th June deadline after which the bank will not be able to accept any non-secure salary transfers.”
Corporate Internet Banking is highly secure as it allows authentication through physical tokens for logging in as well as making transactions. The salary transfer option can be completed in just two simple steps: ‘Upload by Initiator’ and ‘Approval by the Authorizer’. Other key advantages of Corporate Internet Banking include: multi-user access with configurable viewing and transaction access options; multi-level approval workflow for transactions, viewing of balances for accounts and credit cards, viewing and downloading of bank and credit card statements; fund transfers to their own or third party accounts in Oman and abroad; bulk transaction processing of salaries and vendor payments; enquiries about outstanding utility bills as well as the respective payments; requests for new cheque books and online payments to PASI.
Tariq Atiq added: “We thank the Central Bank of Oman for their strong partnership with the Omani banking sector and in supporting the implementation of state-of-the-art digital technology that greatly promotes ease of doing business. As the flagship banking partner of the corporate sector in Oman, Bank Muscat is committed to providing support to all institutions, both from the government and private sectors, and tries its best to create a successful business environment through a set of innovative banking services and facilities.”
For more information on how to apply for Corporate Internet Banking, please go to https://www.bankmuscatonline.com/corp/L001/bankmuscat/helpfiles/online_banking_services.htmla