Bank Muscat, a flagship financial services provider in Oman, and the Public Authority for Social Insurance (PASI) have signed a Memorandum of Understanding (MoU) for a new initiative that will allow the authority to leverage the bank’s digital solutions for better customer service to PASI customers and employees alike.
The MoU was signed by Tariq Atiq, DGM – Transaction and Public Sector Banking, and Hamda Said Al Shamsi, Acting Director General, PASI.
The new system will help PASI digitise its payments by completely on-boarding the authority to the IB/B2B platform and will also access to live support. It will also provide collection solutions by connecting PASI with Bank Muscat’s Remote Deposit Capture (RDC) solution and Point of Sale (PoS) system.
Key advantages of the new system include reconciliation support, advice on opportunities for investment of surplus funds at better rates, helping PASI employees to benefit from various schemes on loans, cards, deposits and exploring special schemes and offers for pensioners.
Tariq Atiq, DGM – Transaction and Public Sector Banking, said: “Bank Muscat has been a pioneer of digital technologies in the country and has collaborated with PASI to introduce state-of-the-art technology to digitise PASI operations for greater efficiency in the delivery of its services. A shift to digital typically brings in a host of benefits including efficiency, cost reduction, accountability, speed and scalability.”