Bank Muscat launches B2B Connect platform for corporates

Thursday 25 January 2018 13:27 CET | News

Bank Muscat has launched a Business to Business (B2B) Connect platform to address the business requirements of government and corporate entities.

The solution is a version of online banking targeted mainly at large corporates. With it, corporates can carry out payment approvals in their ERP and the information can flow to the bank for processing.

The integration of corporate enterprise resource planning (ERP) systems with the online banking platform, a complete digitalisation is in place for corporate payables as well as reconciliation.

Aimed at helping corporates achieve monetisation of sale, the bank offers tailor-made solutions such as Remote Deposit Capture (an online cheque clearing solution) and Direct Debit (allows institutions to directly source funds from their customer accounts based on the mutually agreed mandate).

In 2018, the bank aims to start working on an integrated transaction banking platform for institutions. The new online platform will facilitate corporate banking products like payments, trade services, supply chain finance, liquidity and account management. Customers will no longer be required to follow up with multiple internal and external units to get a real-time update on banking position and status of various transactions.

The bank can facilitate online letter of credit, bank guarantee, funding requests and all details of issued; expiring instruments are available in real-time for institutions availing these services.

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Keywords: Bank Muscat, B2B Connect, corporate, Oman, online banking, direct debit
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech