OIFC partners with Bank Muscat for transaction banking platform

OIFC partners with Bank Muscat for transaction banking platform

Muscat: Bank Muscat, the leading financial services provider in the Sultanate, and Oman Investment & Finance Co Khedmah (OIFC), the leading billing and collection services provider for utilities in Oman, have tied up to enable OIFC to use the bank's Transaction Banking platform, especially to manage its liquidity needs. The agreement was signed by Ilham Murtadha Al Hamaid, General Manager - Corporate Banking, Bank Muscat, and Saud Ahmed Al Siyabi, Chief Operating Officer, OIFC Khedmah. OIFC, which already uses Online Banking and Remote Deposit Capture (RDC), will now also use the bank's Liquidity Management Solution of automated 'Sweeps' for managing its various liquidity needs efficiently. The bank's automated Sweep solution involves the rule-based physical movement of funds between different bank accounts for efficient utilisation of funds. This allows the bank's corporate customers to optimise liquidity available across multiple bank accounts and currencies. Some of the main benefits of the Liquidity Management Solution include: Better visibility of funds position, increased control over the use and allocation of internal resources, increase in operational efficiency by automating cash concentration and better insights through various information reports. Speaking on the occasion, Ilham Murtadha Al Hamaid, General Manager - Corporate Banking, Bank Muscat, said: "Over