Bank Muscat collaborates with Taageer finance to enhance transactions’ efficiency

by | Jun 6, 2024 | 0 comments

MUSCAT – Bank Muscat announced its collaboration with Taageer Finance Company to provide its cutting-edge B2B connectivity solutions. This strategic partnership aims to streamline financial operations and enhance the efficiency of Taageer Finance’s transactional processes. The collaboration was formally announced in COMEX 2024 in presence of Sheikh Khalil Al Harthy, Chairman of Taageer Finance, Shahin Al Balushi, CEO of Taageer Finance, Ilham Murtadha Al Hamaid, General Manager – Corporate Banking, Bank Muscat and Wafa Ibrahim Al Ajmi, Assistant General Manager – Transaction & Government Banking, Bank Muscat, and a number of officials. 

The B2B connectivity solution provided by Bank Muscat will enable seamless integration of Taageer Finance’s financial systems with the Bank’s infrastructure. Integrating its financial systems with Bank’s systems offers bundle of benefits to the finance companies like Taageer Finance. It enhances efficiency by enabling real-time data synchronization, which reduces manual data entry and minimizes errors. Improved cash flow management is achieved through direct access to up-to-date account information, allowing for timely adjustments and effective cash management strategies. This integration also reduces operational costs by automating financial processes, leading to labor and administrative savings.
Furthermore, faster transaction processing through Host-to-Host connectivity ensures that transactions are handled quickly and efficiently, resulting in enriched customer satisfaction.

Ilham Murtadha Al Hamaid, General Manager – Corporate Banking, Bank Muscat, said: “we are dedicated to driving financial innovation and empowering our customers to thrive in the digital era. Our partnership with Taageer Finance highlights our commitment to delivering cutting edge digital solutions that address the unique requirements of finance companies. We are thrilled to partner with Taageer Finance to deliver our innovative financial solutions that meet the dynamic needs of their business. This partnership with Taageer Finance underscores our dedication to supporting the growth and success of our customers through the state-of-the-art technology and bespoke financial services.”

Fahad Khamis Al Bulushi, Chief Operating Officer of Taageer Finance, commented, “Partnering with Bank Muscat marks a significant milestone in our journey to enhance our financial operations. These collaborations will not only streamline our processes but also provide our customers with faster and more efficient services. B2B connectivity solution offered by Bank Muscat will revolutionize our financial operations contributing to our company’s growth and success. We are excited about the opportunities these advanced solutions will bring.”

In a concurrent development, Taageer Finance is also working closely with Bank Muscat to integrate its systems with the Bank’s API Banking services and streamlining the collection process through Direct Debit services. This move is set to revolutionise Taageer Finance’s financial interactions, offering innovative solutions that leverage the latest in banking technology. 

The API Banking services will enable Taageer Finance to access various banking functionalities directly through their own systems, thereby ensuring more secure, efficient, and customizable financial services. With the real-time data access, automated transactions and robust security protocols Taageer Finance can optimize their cash flow management and offer innovative solutions to their clients.

Direct Debit solution provides additional benefits by automating the collection of installments and dues of Taageer Finance. This reduces the likelihood of missed or late payments, ensuring a predictable and steady cash flow essential for financial stability and cost involved in warehousing of cheques. Bank Muscat’s Direct Debit solution has an intuitive and user-friendly interface, which simplify collections of dues. The automation of collections improves customer experience by offering a convenient, reliable payment method, leading to higher customer satisfaction and loyalty.

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