Bank Muscat has launched a new trade finance portal for corporate customers that includes capabilities for letter of credit (L/C) management and processing.

The portal complements the comprehensive portfolio of trade finance offerings already available from Oman's largest lender by assets.

Features and benefits

Bank Muscat Trade Portal provides online initiation and processing of trade transactions, including the issuance and amendment of L/Cs and guarantees.

The portal also helps customers access required information and reports online. Instead of visiting branches to initiate transactions or make enquiries, customers can now request services or information online.

Transaction tracking

The digital platform is designed to be easy to navigate and allows corporate customers to log in from anywhere and at any time. It enables paperless transaction processing for a range of trade products and real-time transaction tracking.

The new trade portal also features automatic notifications at all stages of a transaction and can generate electronic copies of all transaction advice and related SWIFT messages.

L/C scope

Bank Muscat already issues and confirms L/Cs, including standby L/Cs, and offers document checking services under export L/Cs.

It provides all types of guarantees, handles documents under collection and provides various trade financing solutions, including forfaiting, receivables finance and trust receipt financing while also facilitating secured trade payments and receipts between buyers and sellers.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.