The National Bank of Oman (NBO) and the Information Technology Authority (ITA) have signed an agreement to utilise a custom banking solution that offers greater control over transactions and financial management.
Through centralisation and automation, the solution addresses specific challenges, such as high volumes of daily payments.
It will work to reduce the turnaround time of clearing transactions while giving the ITA the ability to view reports and processes in real time through a highly secure web portal, while also helping decrease human error when dealing with a high volume of daily transactions.
The security measures work with authentication from the systems of the ITA as well as NBO.
Ahmad Al Musalmi, NBO’s CEO, said: “The custom solution was built in-house by a talented team of engineers at the NBO. As an organisation, we always strive to produce innovations that will enhance the Sultanate’s banking sector, and we are delighted to put this latest one into practice alongside the ITA.”
By focusing on innovation, technology and providing local solutions, NBO has also focused on supporting the government’s strategic goals of perusing e-governance by creating digital solutions that enhance the efficiencies of the government and private sectors.
Dr. Salim Al Ruzaiqi, CEO of the ITA said: “We are proud to utilise a system that was developed in the Sultanate of Oman. The custom solution will help the ITA enhance its efficiencies and give us better reporting capabilities while supporting the growth of Omani businesses.”