MUSCAT: Bank Muscat, the leading financial services provider in the Sultanate of Oman, and Muscat Finance have announced a strategic partnership to activate the e-mandate service through Bank Muscat’s Application Programming Interface (API) platform. The initiative aims to support the digitalization of financial collection processes and enhance the efficiency of recurring payment management for institutions and customers. This step reflects the vision of both institutions to support secure financial solutions aligned with future developments.
This announcement comes at a time when local financial institutions are increasingly adopting advanced digital services to enhance operational efficiency, ease of transactions and customer experience, in line with the objectives of Oman Vision 2040 to strengthen the digital economy and drive transformation in financial services. The e-mandate service is one of the digital tools that enables companies to collect dues from customers securely and quickly without the need for traditional paper-based procedures, thereby enhancing institutions’ ability to manage their resources more efficiently.
On this occasion, Ilham Murtadha Al Hamaid, General Manager of Corporate Banking at Bank Muscat stated: “We are proud to expand our network of digital service partners through the activation of the e-mandate service with Muscat Finance. This service represents a qualitative addition to the solutions we offer our corporate and institutional customers, reflecting our commitment to providing innovative digital tools that support collection processes and facilitate the management of recurring payments in a flexible and secure manner. This step underscores the Bank’s ongoing efforts to develop its digital services, support partners in both the public and private sectors and reflect its commitment to delivering advanced digital banking solutions that support the comprehensive digital transformation of the national economy, fostering an efficient business environment.”
Rashad Al Shaikh, Chief Executive Officer of Muscat Finance, highlighted the value of the partnership for customers: “Our collaboration with Bank Muscat enables us to implement direct debit services more efficiently and provide customers with a simpler and more convenient payment experience. The e-mandate service supports the growing demand for digital financial solutions and will help streamline our payment and collection processes.”
Through Bank Muscat, the e-mandate service enables companies and institutions to issue direct instructions to collect payments periodically from customers’ accounts, enhancing automation and reducing reliance on paper-based transactions. It also provides greater flexibility in liquidity management and improves cash flow. This service is an innovative digital alternative to post-dated cheques as it facilitates direct debit transactions for corporate customers. Similarly, customers can benefit from the Bank’s comprehensive digital service offerings through Internet Banking platform.
