Muscat: In another major milestone towards furthering its digitization agenda, Sohar International announced the launch of its online Unified Transaction Banking Platform for its Wholesale Banking Clients by providing Cash Management (DigiCash) and Trade Finance (DigiTrade) solutions.  The online unified transaction banking services have been conceptualized and implemented as a one-stop solution for corporate and institutional clients, who require an easy and convenient platform for everyday banking requirements such as auto reconciliation, supply chain finance, liquidity management, manage receivables, digital trade finance and payment processing. Accordingly, the Bank has incorporated key global technology trends to provide state-of-the-art solutions that are in sync with its ongoing digitization strategy. 

 “The demand for round-the-clock, easily accessible, and on-the-go banking solutions is quintessential in the ever-changing world we live in today. By focusing on innovation, adopting disruptive technologies, and keeping pace with the evolving needs of the market, Sohar International has stayed ahead of the curve while leading transformation in its sector. By embracing digitalization, the bank has not only been able to provide an enhanced level of customer service to its retail and wholesale banking clients, but it has also contributed to the broader environmental goal of transitioning to a paperless society,” said Mr. Ahmed Al Musalmi, Chief Executive Officer of Sohar International. “In line with Oman Vision 2040, the support extended to financial institutions by the Omani government has been a significant catalyst to bring about this change. It has contributed to enhanced business and industry collaborations, the establishment of secure channels, and more effective governance.”  

With the option of paperless trade and supply chain finance, Sohar International has demonstrated its stance toward progressive solutions to eliminate paper-based processes that are often protracted and ineffective. Customers relying on the new solutions will not only enjoy reduced processing turnaround time but will also be able to steer their businesses more efficiently. Integration of structured receivable and payment solutions is further expected to diversify clients’ tools for the management of liquidity and working capital finance. 

The newly introduced Unified Transaction Banking platform for wholesale customers focuses on simplifying the receivables management and reconciliation by offering multiple modes of collection. Meanwhile, its electronic transfers via multiple payment options, in-office cheque printing capabilities, and hassle-free salary disbursement modules are geared at making the payment processing platform more robust and secure. Geared at providing a superior end-to-end banking experience, the platform also offers a comprehensive digital product suite that is aimed at streamlining domestic and international trade finance. Through extensive correspondent banking tie-ups, solution structuring and advisory services, enhanced digital supply chain finance capabilities, and more efficient and quicker online trade finance modules, Sohar International has introduced a radical shift in how Transaction Banking business can operate digitally. 

With a calibrated client-centric approach to business, the tech-savvy Sohar International is fundamentally changing the norms of traditional transactions. Through the two new transformational solutions, it has developed a more responsive operating model to cater to mid to large corporate clients, as well as government and government-related entities. This will further augment its stand in the market as an Omani facility that is equipped and set to take on the world with a suite of products that are on par with the best in the international markets.

While digitalization of retail banking has catapulted the Bank’s presence in the local and regional market, its newer initiatives in wholesale banking are designed to become benchmarks for excellence in the corporate sector. The addition of DigiCash and DigiTrade into its suite of digital products will prove to be a winner for decision makers who are constantly seeking to upgrade and elevate their financial journeys. These solutions are the result of extensive market research to assess the changing needs and plug the gaps, if any, with innovative products and services. 

Sohar International’s stellar performance in the digital transformation journey is reflective of its commitment to customer-centricity. It has well-articulated this commitment through a host of innovations in the banking sector and is, expectedly, enthused about the new solutions which will prove to be a major milestone in its developmental trajectory.