BankDhofar, the Sultanate of Oman’s second-largest bank by branch count, has made a groundbreaking move in the country’s financial sector with the launch of the Swift Global Payments Initiative (GPI).
This cutting-edge solution, now seamlessly accessible to customers through BankDhofar’s channels, makes it the first bank in Oman to adopt this global standard for enhanced cross-border payments.
With Swift GPI’s tracker, BankDhofar customers can now enjoy a worry-free experience, keeping track of their payments in real-time. Customers who have done international transactions will now be updated on each milestone in the payment, and the update is accessible directly in the channels.
Swift GPI revolutionizes cross-border transactions by enabling real-time, end-to-end payment tracking. It enhances transparency and efficiency, while also facilitating prompt action on delays. Joining a network of over 4,450 global banks and financial institutions, BankDhofar’s Swift GPI service ensures improved processing speeds and complete clarity on transaction fees.
BankDhofar remains the only bank in Oman to offer Swift GPI across all its payment channels, making it accessible to both corporate and retail customers. The new service provides updates on payment status, complete transparency on charges, and reassurance for customers making international transactions involving multiple banks and jurisdictions. This service also ensures confirmations upon payment completion, marking a significant step forward in payment reliability.
BankDhofar’s Swift GPI offering comes with distinct advantages. Most transactions are completed within hours or even minutes significantly reducing wait times for customers. Real-time tracking ensures payments can be monitored every step of the way across international jurisdictions and payment confirmation adds a layer of reliability by notifying customers when funds are successfully credited to beneficiaries.
With the launch of Swift GPI, BankDhofar cements its position as a leader in innovation within Oman’s banking sector. The bank’s track record is filled with technological milestones designed to elevate customer experience and operational efficiency.
Earlier this year, BankDhofar introduced its SoftPOS Payment Solution during the Muscat International Book Fair 2024. This low-cost, maintenance-free app allows merchants to accept payments via NFC-enabled Android devices, offering a quick and convenient alternative to traditional point-of-sale terminals.
