Bank Sohar has an array of value added payment products and card solutions for retail and corporate clients. As a unique solution to valued corporate clients; Bank Sohar offer a convenient payment and reconciliation solution in the form of its Excel Visa Corporate Credit Card. In order to provide an insight into this dedicated corporate card solution and to highlight its key benefits, Bank Sohar recently conducted a special seminar for its existing and potential corporate clients.
The Seminar, which was conducted in collaboration with Visa Commercial Solutions, Visa International, took place at the Crowne Plaza Hotel in Muscat and was well attended by corporate, including business heads and decision makers from leading companies in the logistics, automobile, catering, engineering, construction and Government & semi government sectors. Also in attendance were Mr. R. Narasimhan, DGM and Head Retail Banking at Bank Sohar, together with other senior management from the Bank.
The gathering was inaugurated by Mr. R. Narasimhan, who gave an overview of the current market conditions and why Corporate Cards became the talk of the town during last years in Oman and in the region.
At the commencement of the seminar one of the valued Government clients from Salalah; Mr. Ramsanthanam, the CFO of Salalah Trade Zone was requested to share his experience on the Corporate Card product. Mr. Ramsanthanam addressed the gathering by highlighting the quick turn-around time in the process for sanction, the good relationship management by Bank Sohar as well as the creditable features of corporate credit card offered by the bank.
This was followed by a detailed overview of the Bank Sohar Corporate Credit Card and a presentation by Ms. Talaa Al Lamki, Asst. Manager Corporate Cards Sales, Service and Product, and Card Business and Product Development on industry best practices by Bank Sohar and Visa Commercial Solutions.
Commenting on the seminar, Mr. R. Narasimhan said, “Our corporate clients are under growing pressure to optimise budgets and this innovative expense management solution was designed specifically to address this need to substantially cut costs. It is a solution that can easily replace antiquated processes and utilise real-time data to the company’s benefit. Furthermore; our Corporate Credit Card offers clients greater transparency, flexibility and control over their expenses – and we have seen tremendous interest in the solution across a broad range of sectors.”
Ms. Vlada Shmatchenko, Head of Card Business briefed the gathering that the Bank Sohar’s Corporate Credit Card is a first-of-its-kind facility to be introduced in Oman and across the GCC. It is a complete finance solution for businesses that has been carefully designed and customized to save time and minimize paperwork and reconciliation efforts while giving a company’s executives a new standard of recognition, benefits and service available globally.
Unlike a personal credit card which is typically used for personal expenses only, a Corporate Credit Card serves as an extension of a corporate finance facility provided to a company by its Bank. Depending upon the approved credit card limit allocated to it, the company may apply for credit cards to be issued to its designated employees with usage strictly limited to corporate related expenses only.
Corporates who have an option of taking pre-loaded cards which will not be a part of the credit limit, but has all the features of a corporate credit card. Accepted at more than 26 million establishments worldwide and supported by one of the most sophisticated and advanced reporting systems in the world – Intellilink Spend Management web-based system, Bank Sohar Excel Corporate Credit Card provides corporates with the complete picture of all your corporate cards portfolio expenditure in one place at any time. Thereby offering corporate clients an unmatched balance of convenience, security, control and reconciliation – and one that also covers purchases made over the counter, through ATMs and online, if required.
“Bank Sohar’s Excel Corporate Credit Card outperforms all other corporate credit cards in that it is a universal payment solution designed to help businesses accurately manage corporate expenditure. In addition, having access to readily available card-related expenditure information enables the cardholder to make better and more informed business related decisions; which in turn greatly benefits the company,” added Mr. R. Narasimhan.
The event concluded with a discussion on Market needs and client diagnostics as well as Corporate card specific clients success stories and best practices worldwide followed by the Closing remarks delivered by Mr. Ganes Raman Kuti, Director, Commercial Solutions, MENA.
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