Bank Nizwa Goes Live with PS-ECC Prompt Check as the First Islamic Bank in Oman
At the beginning of this year, Bank Nizwa opened its door and started operating live as Oman's first Islamic Bank. This took place after the bank has received the banking license from the Central Bank of Oman (CBO) and has fully connected its internal systems and branches to the CBO.
As Bank Nizwa is joining the banking body in the Sultanate, it has opted for ProgressSoft's Electronic Image-based Check Clearing System PS-ECC to take part in the e-check clearing network that connects the Central Bank of Oman and all banks in the country.
Bank Nizwa started offering its clientele the electronic check clearing service from day one, in parallel with the live run of the bank's other operations. The implementation of PS-ECC has been a success, as noted by Bank Nizwa. PS-ECC has seamlessly integrated with several other banking systems and managed to meet but exceed all requirements. ProgressSoft team was able to thoroughly deal with all issues the bank expected to encounter when deploying such a complicated project and provided all the needed support.
"ProgressSoft team has been very helpful throughout the implementation phase; whenever we need them, whether or not it's during office hours and/or holidays, they are always available," affirmed Mr. Yousif Janahi, Head of Project Management Office, Bank Nizwa.
"Here at Bank Nizwa customer orientation is at the heart of our operations therefore it is important for us to ensure accuracy, speed and efficiency. Working with ProgressSoft has offered us just that," expressed Mr. Janahi. "The Management and staff are very friendly and professional. Our work with them up till now has been nothing but positive," he added.
With the adoption of PS-ECC, Bank Nizwa currently enjoys added value in terms of the accuracy, speed and efficiency of handling and clearing checks - that is in addition to mitigating risks. The bank has also implemented ProgressSoft's Prompt On-Us module in order to electronically clear in-house checks exchanged across the bank's branches. This has been done to achieve more accuracy and speed in clearing internal check items.