The Banking Executive Magazine - November 2024

BankDhofar, the second largest bank in the Sultanate of Oman by branch network, has introduced an innova- tive E-mandate solution designed to simplify the collection of recurring payments for both individuals and businesses. This new EasyMandate solution aims to enhance efficiency and effectiveness, reduce operating costs, and improve cash flow, reflect- ing the bank’s commitment to pro- viding cutting-edge digital solutions in line with Oman’s digital transfor- mation goals, particularly in the banking sector. The EasyMandate process allows for the periodic debiting of customers’ accounts for transactions such as monthly loan installments and house rent. It also facilitates the registration and confirmation, of e-mandates pro- vided by customers through Corpo- rate Internet Banking and Mobile Banking, supporting sustainability ef- forts by reducing paper usage. In addition to this, a paper-based mandate creation is also available through BankDhofar’s Corporate In- ternet Banking platform, EasyDebit solution where corporate customers can initiate paper-based debit man- dates digitally. Previously, this paper- based mandate creation was only available through BankDhofar branches. Omar Salim Hamed Al Hikmani , As- sistant General Manager of Opera- tions at BankDhofar, stated, “The BankDhofar’s EasyMandate and EasyDebit solutions support the gov- ernment’s digital transformation ini- tiative, enhancing BankDhofar’ s role as a key player in advancing Oman’s financial system. It aligns perfectly with our objectives to offer seamless, secure, and innovative digital solu- tions to our customers.” Omar Salim Hamed Al Hikmani em- phasized BankDhofar’ s continuous commitment to delivering excep- tional customer experiences through innovative digital solutions that facil- itate digital payments. He noted that BankDhofar’ s BankDhofar’s Easy- Mandate and EasyDebit services meet international standards and practices, catering to customers’ daily banking needs in a modern and convenient manner. This solution also allows customers to track and manage their financial obligations easily, enhancing financial control and transparency. Corporate Customers can set up mandates without visiting branches using Corporate Internet Banking. Futherretail customers can also cre- ate and accept mandates using the mobile banking application or retail Internet banking , with no paperwork required. The entire authorization process is completed digitally with customer approval obtained online, making it completely paperless and fee-free. In contrast, the authoriza- tion process at a branch takes about five days. The maximum limit for electronic authorization is OMR 250,000.;At the time of creation of a mandate by the beneficiary, the first deduction date must be atleast two business days from the date the payer accepts the mandate request. BankDhofar remains committed to embracing digital advancements through significant investments in technology, adopting innovative strategies to enhance customer expe- rience, streamline operations, and offer a comprehensive range of digi- tal services. Through its mobile banking applica- tion, BankDhofar enables customers to manage their accounts, pay bills, and transfer money to any bank in Oman 24/7. Customers can also open new accounts quickly and eas- ily via the mobile application. Re- cently, the bank launched “Apple Pay,” in addition to “Dhofar Pay” and “Samsung Pay,” allowing cus- tomers to make secure payments via smartphones without needing a di- rect debit card. ISSUE 190 NOVEMBER 2024 the BANKING EXECUTIVE 15 BankDhofar LAUNCHES EASYMANDATE SOLUTION SUITE ON CORPORATE INTERNET BANKING AND MOBILE BANKING