BankMuscat, the largest bank in Oman, has implemented Misys' Trade Innovation eBanking technology to deliver Bank Muscat e-Trade, a service that extends its existing trade finance business to the Internet.
BankMuscat is the largest banking organisation in Oman, with a presence in corporate, retail, investment banking and asset management.
Musallam Al-Shukairy, assistant general manager, trade finance and overseas credit, says by implementing Trade Innovation, the bank has been able to improve STP rates as well as provide customers with convenient online access.
"Operationally, it eliminates manual intervention, which significantly reduces the duplication of effort and the incidence of errors during data input, which has impressive implications for cost saving," he says.
Prior to the official launch, 20 customers trialled the J2EE-based service over a two month period.