By Robin Duff
Bank Muscat has chosen a Midas Kapiti package, Trade Innovation, to "enhance its productivity and speed of responsiveness to its customers."
Bank Muscat has just signed a contract with Midas Kapiti International (MKI) for the implementation of MKI’s Trade Innovation trade finance system. The package is a Windows NT/ Windows 2000 PC based system for the processing of trade finance transactions and covers a large number of trade finance business capabilities normally required by a bank, including letters of credit, collections, guarantees, syndications and trade related lending. It also allows the bank the option of implementing either thick or thin client or a mixture of the two. “The implementation of a new system is an essential foundation for enhancing our customer service in a variety of ways,” said Musallam al Shuhkairy, Bank Muscat’s assistant general manager for Trade Finance and Overseas Credit. “Its immediate effect will be to provide us with the ability to further enhance productivity and speed of responsiveness to our customers. Ultimately, we [hope to] provide our corporate customers with the ability to initiate transactions and enquire upon the progress of transactions using dial-up or Internet connections.”The deal comes at a time when the bank is set to become Oman’s largest bank, with a merger with Commercial Bank of Oman planned to take place before the end of the year. Asked why, after its evaluation of other trade finance systems, Bank Muscat had selected Trade Innovation, Al-Shukairy commented that the bank’s objectives were to “ensure that our customers benefit from the investment as soon as possible and that the chosen system provides a high degree of integration with our core banking system.” “Trade innovation met our requirements on both these fronts, being a quick to implement and very open system, giving us the integration potential we require,” he continued. “Its flexibility also allows us to use the same system in our Indian operation, which has different regulatory requirements. We are also comfortable with the level and direction of MKI’s ongoing investment in the product, which will allow us and our customers to benefit from technological developments and new industry standards in the trade finance business arena, such as Bolero .”