Sohar International, an international trade financing company, recently introduced its online Unified Transaction Banking Platform for its wholesale banking clients by offering Trade Finance (DigiTrade) and Cash Management (DigiCash) solutions.
The online unified transaction banking services were designed and implemented as a one-stop shop for business and institutional clients who needed a simple and practical platform for daily banking needs such auto reconciliation, supply chain finance, liquidity management, digital trade finance, and payment processing. Furthermore, in order to develop solutions that are in line with its continuous digitalization plan, the bank has taken into account important worldwide technological trends.
“The demand for round-the-clock, easily accessible, and on-the-go banking solutions is quintessential in the ever-changing world we live in today. By focusing on innovation, adopting disruptive technologies, and keeping pace with the evolving needs of the market, Sohar International has stayed ahead of the curve while leading transformation in its sector. By embracing digitalization, the bank has not only been able to provide an enhanced level of customer service to its retail and wholesale banking clients, but it has also contributed to the broader environmental goal of transitioning to a paperless society,” said Ahmed Al Musalmi, Chief Executive Officer, Sohar International.
The unified transaction banking platform offers a comprehensive digital product suite that is designed to streamline domestic and international trade finance in addition to delivering a superior end-to-end banking experience. Sohar International has made a significant change in how transaction banking businesses operate digitally through extensive correspondent banking tie-ups, solution structuring and advisory services, improved digital supply chain finance capabilities, and more effective and speedier online trade finance modules.
Furthermore, Sohar International has shown its support to get rid of time-consuming and inefficient paper-based operations by offering paperless trade and supply chain finance. Customers who use the new solutions will benefit from faster processing turnaround times as well as improved company management. It is anticipated that the integration of structured payment and receivable solutions will further broaden the clients’ capabilities for working capital finance and liquidity management.
By providing different forms of collection, the recently launched Unified Transaction Banking platform for wholesale customers focuses on streamlining receivables management and reconciliation. Furthermore, its electronic transfers via a variety of payment methods, in-office check printing capabilities, and simple salary payout modules are designed to strengthen and protect the payment processing platform.