Guided by its vision “To serve you better every day”, Bank Muscat, the leading financial services provider in the Sultanate of Oman, continues to strengthen its position as a leading innovator and trend-setter in digital transformation by consistently adopting the latest technologies to deliver more innovative, faster, and seamless banking solutions. From pioneering secure and innovative mobile and online banking solutions to launching integrated digital payment ecosystems, Bank Muscat demonstrates its unwavering commitment to empowering customers with smooth, secure, and efficient banking experiences.
Bank Muscat’s leadership in digital banking and innovation resonates with the recent strategic agreement signed with National Finance, the leading finance and leasing company in the Sultanate of Oman, to activate Bank Muscat’s E-Mandate solution available on its API Banking Platform within the National Finance’s Enterprise Resource Planning (ERP) system. This partnership aims to enable National Finance’s corporate and institutional customers to execute direct debit transactions seamlessly and securely. The agreement was signed at Bank Muscat’s head office by Ilham Murtadha Al Hamaid, General Manager of Corporate Banking at Bank Muscat, and Saam Abdullah Al Habsi, Chief Operations Officer at National Finance.
This collaboration is a key step in enhancing digital payments infrastructure and streamlining receivables management in Oman’s financial ecosystem. The adoption of E-Mandate services is closely aligned with the Central Bank of Oman’s directive to reduce the use of physical payment instruments, promote digital alternatives, and support financial inclusion, and contribute to the broader national transformation goals outlined in Oman Vision 2040.
The E-Mandate service allows customers to electronically authorize recurring payments directly from their accounts using the Mobile Banking or Internet Banking platforms, replacing the traditional reliance on post-dated cheques. National Finance can avail Bank Muscat’s E-Mandate digital solution available through the Bank’s Application Programming Interface (API) and that operates on the basis of a one-time authorization called “Direct Debit Mandate”. This solution facilitates the smooth execution of direct debit transactions and the settlement of recurring payments for corporate and government customers. It offers a secure and innovative digital alternative to traditional post-dated cheques, streamlining payment processes and improving cash-flow management.
Commenting on the occasion, Ilham Murtadha Al Hamaid, General Manager of Corporate Banking at Bank Muscat, noted: “This partnership is an evident demonstration of Bank Muscat’s leadership in driving digital innovation in Oman’s banking sector. Our API banking platform is designed to offer seamless, secure, and scalable digital services to partners. Through this integration, we are not only increasing operational efficiency for businesses, but also enhancing their business growth, financial control and customer experience. This collaboration is further advancing the national agenda for a digitally empowered, cashless economy as envisioned in Oman Vision 2040.”
From his side, Saam Abdullah Al Habsi, Chief Operations Officer at National Finance, stated: “We take pride in our partnership with Bank Muscat, which stands as a strategic step towards offering seamless and efficient financial services to our customers. This collaboration has opened up new possibilities for us in enhancing customer service and improving internal efficiencies. With the E-Mandate now available directly at our branches through API integration with Bank Muscat, the customers can complete their mandate authorizations at the time of finance disbursal quickly and seamlessly. Further, the E-Mandate will significantly improve our collections process, reduce manual interventions, and eliminate the need for post-dated cheques. This not only improves customer satisfaction but also strengthens our ability to scale sustainably and digitally. We also look forward to exploring further advanced technological opportunities that will strengthen National Finance’s capabilities through this strategic collaboration with the Sultanate of Oman’s leading financial institution.”
Bank Muscat’s leadership in innovation and digital transformation stems from a forward-looking strategy that aligns with the evolving standards of the banking industry. Through continuous modernization of its digital platforms, the Bank has set new benchmarks for convenience, reliability, and customer-centric service. Bank Muscat, aiming to promote financial inclusion across the Sultanate, remains committed to providing seamless, efficient, and secure banking experiences for all customers and continues to empower corporate customers with tailored solutions. Strategic partnerships form a vital pillar of this innovation journey. By collaborating with leading global technology providers and fintech companies, Bank Muscat continues to explore new frontiers to keep pace with the enduring market developments.
