Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, and Oman Investment & Finance Co Khedmah (OIFC) have signed an agreement that will allow OIFC to be linked to Bank Muscat’s Remote Deposit Capture (RDC) facility. The RDC facility is an online cheque clearing solution, facilitating faster clearance and efficiencies in account receivables.
Using Bank Muscat’s RDC solution, OIFC Khedmah employees will be able to scan the images of cheques from their offices or branches for clearing before these cheques are physically submitted to the Bank. This will facilitate faster credit with complete management information services (MIS) to save time, effort and cost for OIFC in handling its collections.
The agreement was signed by Saud Al Siyabi, COO, OIFC Khedmah, and Tariq Atiq, DGM, Transaction & Public Sector Banking, Bank Muscat, Bank Muscat, at the Bank’s Head Office 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 pioneered the early adoption of digital technologies in the country for the benefit of all. The Bank is collaborating with OIFC to digitise their collections for greater efficiency in their account receivables. Bank Muscat’s RDC solution will enable OIFC to reduce costs while providing for better accountability, scalability and efficiency of processes.”
Said Ahmed Safrar, CEO, OIFC Khedmah, said: “The RDC solution provided by Bank Muscat will facilitate greater efficiencies in accounts receivables, thereby improving operating efficiencies and customer satisfaction. Our tie up with Oman’s leading financial services provider will not only increase our business efficiencies, but will also provide a boost to the local economy thanks to the scalability of the solution.”
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.
OIFC Khedmah has been the leading company in Oman in the field of billing and collections for four decades, and provides a central point for customers to pay all the bills of utility services such as electricity, water and telecommunications. OIFC Khedmah outlets, branches and bill-payment machines are located across the country, which allows subscribers to pay their electricity, water and telecommunications bills easily.
As the trusted banking partner in Oman, Bank Muscat is committed to supporting both government entities and the private sector in their digitalisation drive to create a successful business environment. Bank Muscat processes and technology are designed to drive future corporate transactions and digital banking requirements.