Bank Muscat, the leading financial services provider in the Sultanate of Oman, has joined Buna, the Arab payment system operated by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO), a subsidiary of the Arab Monetary Fund (AMF), to provide an enhanced customer experience through innovative solutions.
A state-of-the-art payment platform, Buna provides clearing and settlement services across the Arab region in multiple currencies. It provides modern payment solutions that comply with international standards, principles and compliance requirements. Payments are settled in real-time as the remitter and beneficiary banks are direct platform participants. The Buna system aims to increase opportunities for economic and financial integration in the region, in addition to strengthening investment relations with trading partners.
“Bank Muscat is delighted to enhance customer experience by joining the Buna payment system. This will enable our customers to send and receive cross-border multi-currency payments. Going ahead, the bank will continue its investments in cutting-edge technology to ensure the highest standards throughout the payment chain. As the leading financial services provider in Oman, we are committed to offering the latest financial services and solutions in line with global financial trends.”
Bank Muscat is focused on maintaining its leadership in offering cutting-edge products and services, including electronic payments and online services, through multiple channels and new products and services, which cater to its different customer segments. Its continuously upgraded Internet and mobile banking services offer customers a fast, comfortable and secure banking experience.
Today, over 1.5 million banking customers use various features like real-time bill payments for utilities in Oman, such as electricity, water, telecom, mobile top-ups, instant credit card bill payments, school fees payments etc. In addition, fund transfers within the bank and in Oman, fund transfers across the world via the SWIFT network, Speed Transfers to a number of countries including Bangladesh, India, the Philippines, Pakistan Sri Lanka and Egypt, Zakat calculator and charity payments.
The bank’s performance, which is driven by its customer-centric vision and the adoption of global best practices, has been consistently lauded by the international financial and banking community for decades.
In 2022, Bank Muscat was recognized as one of the “Top 100 Companies in the Middle East” and as one of the “Top 30 Banks in the Region” by Forbes Middle East. The bank has earlier also won a number of awards from JP Morgan, Wells Fargo, Standard Chartered and Citibank for operational excellence in dollar payments processing.