Muscat: In line with its customer-centric vision and strong commitment to e-payments, Bank Muscat, the leading financial services provider in the Sultanate of Oman has announced the launch of its new Visa Virtual Corporate Credit Card Solution facilitated through a state-of-the-art platform, Visa Commercial Pay. This is the first Visa Virtual Credit Card to be launched in Oman and is meant to empower its Corporate customers with real-time transaction security and control. Through this solution, corporates can issue single or multiple use virtual card numbers and specify spend parameters for better security, control and easy reconciliation. The addition of the Virtual Corporate Credit Card adds further options to business to business (B2B) electronic payments and helps reduce the reliance on more traditional and labor-intensive payment modes.
Speaking on the occasion, Abdullah Tamman Al Mashani, General Manager – Products, Bank Muscat, said: “As the leading bank in the Sultanate, Bank Muscat is committed to building ever stronger partnerships with its customers as it continuously improves customer experience by offering corporate banking solutions built on top of state-of-the-art technology and in tune with the latest customer needs. Today, we are pleased to launch the Bank Muscat Visa Virtual Corporate Card, which combines the power of the widely-accepted Visa platform and the highest levels of transaction security with flexibility in implementation depending on a corporate’s unique needs. This will further empower our corporate customers in an ever-changing and dynamic digital environment.”
Manish Gautam, Visa’s Country Manager for Oman, said: “As the shift to digital gathers more pace, Visa strives to provide innovative solutions that address the evolving payment needs of businesses everywhere. We are delighted to launch the first Visa Virtual Credit Card in Oman in partnership with Bank Muscat to support the ongoing digital transformation of businesses in the Sultanate.”
The Bank Muscat Visa Virtual Corporate Credit Card, which is facilitated by Visa Commercial Pay combined with Visa Spend Clarity for Enterprise offers end to end visibility and control to Corporates through enhanced reporting and ERP integration. As a B2B solution, the card will especially benefit large corporates and businesses making local and international payments /fund transfers on a regular basis. Corporates have a choice of implementing this solution as a web-based application, accounts-payable batch file or fully integrate it into their ERP, e-procurement or financial system. These three options can address corporate needs, whether the card is meant for ‘ad hoc’ accounting needs, high volume accounts payable operations, high volume regular payments or payments to a fragmented payee-base in industries such as insurance claims processors or travel intermediaries.
The Virtual Card is an extension of the Bank’s Corporate Standard Credit Card. It provides payment support for “card-not-present” transactions while featuring increased security against unauthorised and fraudulent transactions through customised controls including being restricted to a single use or multiple use as required by the corporate. Being virtual cards, they can be generated for a supplier category or a specific supplier as and when needed through a well-defined maker-checker approval system. Credit lines can be assigned to individual transactions and payments will be automatically blocked if it does not meet the Corporate’s control criteria. Since the virtual cards feature traditional 16-digit card numbers and come with valid expiry and CVV details, there is no learning curve for the end user, who can easily input the details as required to complete transactions. Corporate banking customers may contact their Relationship Manager or go to the following link for more details on how to apply for a card: https://www.bankmuscat.com/en/Business/Everydaybanking/Pages/Visa_Corporate_Cards.aspx
Bank Muscat’s Visa Virtual Corporate Credit Cards continue to build on the bank’s customer-centric vision of keeping pace with global trends and customer feedback by launching the latest products, services, and solutions. Earlier in August, the bank launched its Visa Pre-Load Payment Card aimed at Government and Semi-government institutions, SMEs and corporate customers to give a boost to electronic payments and help reduce reliance on cash in line with the Government’s overall strategy of moving towards a digital economy. The bank has announced plans to keep introducing innovative digital services and features that further enhance banking convenience and security even as it seeks to support stronger economic development and financial inclusion in line with the goals of Oman Vision 2040.
