Oman's Bank Nizwa rolls out e-mandate service for direct debit
MUSCAT, 1 days ago
Oman's Bank Nizwa has announced the launch of its electronic mandate (e-mandate) for direct debit service. Designed to streamline recurring transactions, the new service complies with the Central Bank of Oman’s (CBO) regulatory framework.
This come as part of Bank Nizwa's ongoing commitment to delivering innovative and sharia-compliant digital banking solutions, said the bank in a statement.
Designed to streamline recurring transactions and enhance the overall bankingexperience, the new service complies with the Central Bank of Oman’s (CBO) regulatory framework and advances its overarching goal of building a sustainable and resilient digital economy.
The e-mandate service for direct debit is a digital solution that enables both corporate and individual customers to efficiently manage their recurring financial commitments.
By automating a wide range of routine payments, such as monthly transfers, utility bills, rent, and subscriptions, this service reduces paperwork and supports sustainability efforts, ensuring a smooth and convenient experience.
Customers can benefit from the flexibility to set up, modify, or cancel authorisations electronically as needed, with the option to schedule payments at different intervals, said Bank Nizwa in its statement.
The e-mandate for direct debit service represents a solution aimed at improving operations andincreasing efficiency through automations, managing cash flows, and maintaining liquidity moreefficiently through easy setup, it added.
Companies can automate recurring payments, including payrolldisbursements, rent payments, subscriptions, and other expenses.
This service offers a modernbanking experience that enhances efficiency in financial management.
On the new service, Mohammed Iqbal Al Balushi, Assistant General Manager of Operations, said: "The e-mandate service for direct debit reflects our ongoing commitment to driving digital innovation in the Islamic banking sector and providing flexible, secure financial solutions that meet our customers' expectations."
"It also comes in response tothe rapidly increasing demand for automated payment services, particularly in light of the digital transformation underway in the sultanate’s banking sector," he stated.
"The launch of this service marks an important step in empowering our customers with a secure and convenient solution to managetheir recurring financial obligations, without relying on paper-based or traditional mandates," he added.
