Bank Muscat Introduces E-Mandate for Direct Debit Transactions

As part of the Bank’s full suite of digital services and solutions, Bank Muscat, the leading financial services provider in the Sultanate of Oman, has announced the launch of the new E-mandate for Direct Debit transactions, implemented for the first time through its Internet Banking platform for the Bank’s government and corporate customers. The service operates on the basis of a one-time authorization called “Direct Debit Mandate” as a secure and seamless solution for processing recurring and periodic payments. Among other use cases, the E-mandate service is an innovative and technology driven alternative to handling post-dated cheques. The launch of the service came in alignment with the Bank’s customer-centric vision “To serve you better, every day” and it underscores its commitment to providing customers with innovative banking solutions backed with the recent technological developments, aiming to meet the evolving customer needs.
E-mandate for Direct Debit transactions operates on a one-time mandate basis replacing the physical Direct Debit Mandate, where customers may authorize a direct debit order to the Bank (beneficiary) to pay their dues, whether of fixed or variable value, for a pre-specified period. Customers can activate this service through the Bank’s Internet Banking to access the E-mandates originated by beneficiaries, and then accept or reject the mandate based on their needs. Customers will be requested to electronically sign the e-mandate after confirming their request. For more information on activating the service, customers can visit the webpage available at https://www.bankmuscat.com/en/Business/Digitalsolutions/Pages/DirectDebit.aspx
The digital E-mandate for Direct Debit offers several advantages and benefits, including streamlined automated payment processing, sending notifications to both the beneficiary and the payer during the process of establishing the E-Mandate, eliminating the hassle of handling physical mandate forms, a simple and operationally efficient method for both the beneficiary and the payer to manage, periodic repetitive and future payments, flexibility to handle variable or fixed payments with revocable or irrevocable authorization based on the arrangement between the parties, and enabling the beneficiary to easily initiate the E-mandate through digital channels for easy acceptance by the payer. The E-mandate is also secured by a positive acceptance from both the beneficiary and the payer as well as confirmation acknowledgments from their respective banks.
On introducing the new digital service, Wafa Ibrahim Al Ajmi, Assistant General Manager, Transaction & Government Banking at Bank Muscat, said: “We are delighted about the launch of the new digital service, which underscores the Bank’s commitment to providing the latest and most innovative digital solutions with the aim to offer an exceptional banking experience to government and corporate customers. The digital transformation revolution has positively impacted business operations and the electronic execution of various banking transactions. The E-mandate for Direct Debit will enable government and corporate customers to adopt a secure and seamless option for executing various payment transactions.”
Wafa Al Ajmi further explained that the launch of the E-Mandate service comes in conjunction with the Corporate Banking Brand Campaign which the Bank has recently launched under “Ambition Delivered” slogan, underscoring the Bank’s role as a trusted enabler of progress for its government and corporate customers. The new campaign signifies the Bank’s unwavering commitment to understanding the unique aspirations of its customers and transforming them into tangible achievements. Ambition Delivered reflects Bank Muscat’s dedication to delivering tailored solutions, innovative technology and seamless services that empower businesses to thrive in a dynamic economic environment. I would like to assure our customers that the Bank will maintain its commitment to offering innovative banking solutions catering to their diverse needs.”
The launch of this new service complements the Bank’s existing digital services and facilities designed to meet the needs of corporate customers, including corporate account opening, insurance products, remote check deposits, and direct debit services. The bank has also launched an integrated platform for conducting banking transactions, offering a wide range of services such as payment processing, a unified dashboard for bank accounts across all banks, direct debit solutions, liquidity services, and trade services. The Bank has also introduced an online corporate banking platform and a Business-to-Business (B2B) payment system to facilitate secure employee payroll.
In recognition of its leadership role in providing customers with the best banking services and solutions, Bank Muscat has received several prestigious awards locally, regionally, and globally. The Bank has recently won the Best Corporate Digital Bank in Oman Award from Global Finance, the Best Corporate Banking Innovation Gold Award from Infosys Finacle Innovation, and the Best Bank for Large Corporates from Oman Economic Review (OER). Bank Muscat has also been listed amongst Forbes Middle East’s Top 100 Listed Companies. For providing digital payment solutions, the Bank has been honored with ‘The Bank of New York Mellon Corporation (BNY) STP Award for excellence in US dollar-denominated fund transfers for commercial and financial payments.