MUSCAT – Bank Muscat recently hosted an insightful discussion panel introducing its newly launched E-mandate for Direct Debit transactions. The event brought together senior representatives from key entities including the Central Bank of Oman. Attendees engaged in a series of informative presentations followed by an interactive session that encouraged dialogue, knowledge sharing, and collective input on how the E-Mandate solution can be adopted to enhance operational efficiency across sectors.
Ilham Murtadha Al Hamaid, General Manager Corporate Banking, at Bank Muscat, highlighted the Bank’s commitment to digital transformation and customer-centric innovation. She emphasized that the introduction of the E-Mandate solution reflects Bank Muscat’s leadership in financial technology and it’s continuous investment in infrastructure to support, secure, scalable, future-ready banking solutions. Al Hamaid encouraged institutions to leverage this new service as part of their digital transformation journey, reiterating that Bank Muscat will continue to evolve its banking offerings for both government and private sectors by providing innovative solutions tailored to their diverse needs.
Wafa Ibrahim al Ajmi, Assistant General Manager of Transaction and Government Banking Services at Bank Muscat, noted that the E-Mandate initiative is a testament to the strong collaboration between the Bank and its strategic partners. She also extended her appreciation to the Central Bank of Oman, the Royal Oman Police, the Public Prosecution, and the Supreme Judiciary Council, for their unwavering support in enabling this milestone and advancing the shared vision of seamless digital services.
The E-Mandate operates on a one-time “direct debit mandate authorization” basis, enabling government and corporate customers to initiate direct debit mandate registration electronically through Bank Muscat Internet Banking platform. Upon receiving a mandate initiated by the beneficiary customers, the payers can review, approve, and electronically authorize the mandate via Internet Banking or Mobile App, thereby streamlining the payment process without the need for physical documentation or post-dated cheques. This service facilitates automated recurring and periodic payments, provides real-time notifications for both parties involved, and allows flexibility for fixed or variable payment structures. Depending on the agreement between the payer and the beneficiary, the authorisation can be either revocable or irrevocable, offering both control and operational efficiency.
0 Comments