Bank Muscat to accept only secure formats for salary transfers
Bank Muscat has requested all its corporate banking customers to facilitate salary transfers to their employees using a secure format as legally mandated.
In a press statement, Bank Muscat said that it has already enabled new secure formats for salary transfers ahead of all the mandated deadlines.
Already, nearly 90 per cent of the bank’s corporate customers have migrated to the new secure formats.
Bank Muscat has requested all public and private institutions to switch over to the new secure formats as the bank will cease to accept salary payment instructions in unsecure formats after June 30, 2020. Salary instructions can be provided through Bank Muscat Internet banking, Bank Muscat Password Protected File Format or the Bank Muscat PDF Format.
The bank recommends using Internet banking as authorised employees/executives from the corporate can easily complete the entire salary transfer process without visiting a branch, while maintaining the highest level of security for all transactions.
TariqAtiq, DGM - transaction and public sector banking at Bank Muscat, said, “There is a demand for Bank Muscat’s corporate Internet banking and a large number of our customers are already using it to enhance their ease of banking while maintaining the best possible security for their transactions. We request all our corporate customers to start using the Internet banking platform as the preferred option ahead of the June 30 deadline after which the bank will not be able to accept any non-secure salary transfers.”
Corporate Internet banking is highly secure as it allows authentication through physical tokens for logging in as well as making transactions. The salary transfer option can be completed in just two simple steps: ‘Upload by Initiator’ and ‘Approval by the Authoriser’.
Atiq added, “We thank the Central Bank of Oman for their strong partnership with the Omani banking sector and in supporting the implementation of state-of-the-art digital technology that greatly promotes ease of doing business. As the flagship banking partner of the corporate sector in Oman, Bank Muscat is committed to providing support to all institutions, both from the government and private sectors, and tries its best to create a successful business environment through a set of innovative banking services and facilities.”