Bank Muscat signs agreement with Al Omaniya Financial Services

Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, and Al Omaniya Financial Services have signed an agreement for a new initiative that will allow Al Omaniya Financial Services 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, Al Omaniya Financial Services will be able to scan the images of cheques from their office locations 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 Al Omaniya Financial Services in handling its collections.

The agreement was signed by Tariq Atiq, DGM - Transaction & Public Sector Banking, Bank Muscat, and Aftab Patel, CEO, Al Omaniya Financial Services recently and comes as part of the bank’s initiative to onboard more corporates to the various digital solutions and services provided by the bank.

Tariq Atiq, DGM - Transaction & Public Sector Banking, Bank Muscat, said, “Bank Muscat has been a pioneer of digital technologies in the country and has collaborated with Al Omaniya Financial Services to introduce state-of-the-art technology to digitise their operations for greater efficiency in the delivery of its services. Bank Muscat’s RDC solution will enable Al Omaniya Financial Services to enhance its efficiency and reduce costs while providing for better accountability and scalability.”

Aftab Patel, CEO, Al Omaniya Financial Services, said: “The RDC solution provided by Bank Muscat has radically improved the collection mechanism and we have become the owner of the entire process which is comparatively much Safer, Faster and Reliable. The Solution facilitates faster clearance, efficiencies in accounts receivables, thereby further digitalizing our platform to improve our operating efficiencies and customer satisfaction. We are happy to tie up with Oman’s leading financial services provider for increased business 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 also facilitates electronic endorsement on scanned cheques eliminating the need for manual stamping.

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. Bank Muscat processes and technology are designed to drive future corporate transactions and digital banking requirements.

The technology focus of Bank Muscat is reflected in the largest network of interconnected branches, payment gateways, cards, merchant services, alternate channels of ATMs, CDMs, the online banking as well as connectivity with utility service providers. Bank Muscat is focused on helping corporates to make a smooth transition towards efficient tech-focused processes and use cutting-edge technology to their best advantage.