![](https://blackandwhiteoman.com/wp-content/uploads/2024/04/Bank-Muscat-and-Muscat-Finance-drive--1024x535.jpg)
MUSCAT – Bank Muscat signed an agreement with Muscat Finance Company, a leading financial services company listed in Muscat Stock Exchange (MSX), to integrate the state-of-the-art Application Programming Interface (API) banking services of Bank Muscat with the Enterprise Resource Planning (ERP) system of Muscat Finance. This groundbreaking initiative marks a significant step forward by the two entities in streamlining financial operations and unlocking new possibilities for corporate banking in the financial sector. This collaboration demonstrates the commitment to empowering the entire financial ecosystem with the tools to drive innovation and improve customer service.
Through this agreement, Muscat Finance gains direct access through Bank Muscat’s API to the critical banking functions within the in-house existing (ERP) system of Muscat Finance. The API banking services enable seamless initiation and authorization of payments, real-time transaction monitoring, and automated reconciliation processes, boosting efficiency and accuracy. In the meanwhile, the secure and flexible API infrastructure eliminates manual data entry and redundant tasks, freeing up valuable resources for strategic initiatives.
Ilham Murtadha Al Hamaid, General Manager- Corporate Banking said: “We are happy to partner with Muscat Finance in their digital transformation journey. Our API banking services empower businesses to take control of their finances like never before, unlocking efficiencies and fostering innovation. With API Banking, not only the businesses gain operational efficiency, but customers also experience faster, more convenient services. We are confident that this collaboration will be a model for future advancements in corporate banking.”
Rashad Al Shaikh, Chief Executive Officer Muscat Finance SAOG said: “This collaboration integrating our ERP with Bank Muscat’s API platform has transformed the way we manage our finances. The seamless integration, real-time access to data, and automation capabilities are expected to significantly improve our operational efficiency and expected to free up valuable resources that are required in post transaction reconciliation, in addition to reducing our carbon footprint through a reduced usage of paper and energy efficiency. Also, API Banking is expected to allow Muscat Finance to serve customers 24/7”
CEO of the Company further said that Muscat Finance is embarking on a transformation and digitization journey focusing on process enhancements that positively impacts customer experience. “The move of the Head Office to a new state of the art building has allowed us to remodel the way we do business and enhance the customer touch points further through a unique drive through service and an around the clock kiosk service machine. We are excited to explore further possibilities with this cutting-edge technology which is supporting us in providing enhanced customer service. We are looking forward to enhancing the company’s capabilities further and enhance its collaboration with the leading bank in Oman.” He added.
The API banking solution provides Muscat Finance with the agility and scalability to adapt to the ever-evolving financial landscape. By embracing API banking services, Muscat Finance is future-proofed to leverage innovative financial services and applications as they emerge.
Bank Muscat’s API Banking is an adaptable platform, accommodating the evolving business needs of the corporate and government entities. The Bank’s current catalog of APIs includes account information, payment services and web payment services APIs and these APIs address key needs of corporate and government entities. In the coming days, more APIs will be added in catalog underscoring Bank Muscat’s emphasis on continuous improvement and innovation. The system operates within the established security protocols, ensuring data integrity and safeguarding financial transactions.
As the trusted banking partner in Oman, Bank Muscat is committed to supporting corporates to make a mark in digitalization to create a successful business environment. The Bank provides a complete range of products, services and technology driven digital offerings catering to government entities, corporates, and SMEs in Host-to-Host integration through Secure File Transfer Protocol (SFTP) & API banking services, payment’s solutions, account services, collections and receivables, liquidity solutions, Point of Sales terminals and more.
0 Comments