Bank Muscat Partners With OIFC Khedmah To Provide RDC Solution

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The online cheque clearing solution facilitates faster clearance and efficiencies in account receivables.

Bank Muscat has partnered with Oman Investment & Finance Company Khedmah (OIFC) to allow OIFC to be linked to banks’ Remote Deposit Capture (RDC) facility—an online cheque clearing solution that facilitates faster clearance and efficiencies in account receivables.

In a statement, the bank said that its RDC solution will allow OIFC Khedmah employees to scan the images of cheques from their offices for clearing before these cheques are physically submitted to the bank, facilitating faster credit with complete management information services to save time, effort and cost for OIFC in handling its collections

Tariq Atiq, Bank Muscat DGM—Transaction & Public Sector Banking, said, “Bank Muscat’s RDC solution will enable OIFC to reduce costs while providing for better accountability, scalability and efficiency of processes.”

The RDC solution offers a number of benefits and features to corporates such as faster clearing of cheques, elimination of financial losses related to missed or delayed presentation of cheques as well as faster reconciliation of cheques using reports available to the company from the RDC and better management of post-dated cheques.