Bank Muscat signs agreement with Al Omaniya Financial Services

Al Omaniya will be able to scan the images of cheques from their office locations before these cheques are physically submitted to the bank for clearing

  
Image used for illustrative purpose.

Image used for illustrative purpose.

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Muscat - Bank Muscat 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 will be able to scan the images of cheques from their office locations before these cheques are physically submitted to the bank for clearing, according to a Bank Muscat press release.

This will facilitate faster credit with complete management information services (MIS) to save time, effort and cost for Al Omaniya in handling its collections.

The agreement was recently signed by Tariq Atiq, DGM - transaction and public sector banking at Bank Muscat, and Aftab Patel, CEO of Al Omaniya Financial Services.

Atiq said, “Bank Muscat has been a pioneer of digital technologies in the country and has collaborated with Al Omaniya 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 to enhance their efficiency and reduce costs while providing for better accountability and scalability.”

Patel 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 digitalising our platform to improve our operating efficiencies and customer satisfaction.”

 

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