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Bank Muscat ties up with Malabar Gold & Diamonds to offer Direct Debit solution

​MUSCAT, 20 October 2019 

Bank Muscat, the flagship financial services provider in the Sultanate, in step with its vision ‘To serve you better, everyday’ and commitment to a better customer experience signed an agreement with Malabar Gold & Diamonds recently to help the leading jeweller implement a Direct Debit solution. The agreement was signed by Tariq Atiq, DGM - Transaction & Public Sector Banking, Bank Muscat and Najeeb K., Regional Head, Malabar Gold & Diamonds.

The Direct Debit solution is a collections solution available for corporate clients of the Bank. It is a pull-based collection, which is made at the instruction of a corporate and does not rely on the payer for timely payments. The corporate customer can directly debit the account of the customers who give them permission to do so.

Of particular interest to corporate customers is the fact that the Direct Debit solution gives them the ability to debit a fixed amount at a fixed frequency, a variable amount at any frequency or an amount at a frequency and timeframe that is based on the mandate provided by the account holder. In other words, the Direct Debit solution is a pull-based collection service, which can be initiated by the corporate once permission to do so has been provided by the account holder.

Tariq Atiq, DGM – International Banking & Transaction Banking, said: “Bank Muscat is a pioneer in introducing digital banking solutions to clients. By offering the Direct Debit solution to our corporate customers, the bank is helping institutions keep pace with rapid developments in IT and optimise their performance. The Direct Debit solution is particularly important for corporates in that it will help them optimise their cash flows.
This shift to digital solutions brings with it immense benefits for both corporates and the economy, notably in terms of efficiency, cost reduction, accountability, speed and scalability.”

Najeeb K., Regional Head, Malabar Gold & Diamonds, said: “We are very happy to tie up with Oman’s flagship financial services provider to further improve our operational efficiencies and collections. Formerly, our customers used to face difficulties in commuting to our outlets on a regular basis to pay the installments in a timely manner but the Direct Debit solution provided by Bank Muscat makes it very easy for our customers.”

As the trusted banking partner of all institutions in the sultanate, Bank Muscat remains committed to supporting institutions make a smooth transition towards efficient technology-focused processes. The bank is currently in the process of onboarding many corporate customers to its other digital solutions including the B2B Connect platform and Remote Deposit Capture (RDC) facility as part of the digital transformation of the sultanate.