Bank Muscat wins Citibank STP award

MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, has won a prestigious award from Citibank in recognition of operational excellence in the field of dollar payments processing.
Bank Muscat won the straight-through-processing (STP) award by Citibank for outstanding performance in dollar denominated fund transfer and commercial payments.
The award recognised Bank Muscat’s exceptional quality of SWIFT messages on dollar payment and maintaining an outstanding error-free rate for remittances.
The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through Citibank.
The award highlighted the bank’s commitment to high standards of quality in meeting the stringent criteria for fund transfer. The bank’s exceptional quality in the delivery of commercial payments and transfers, facilitated by a state-of-the-art in-house payment architecture, which helps to consistently maintain high SWIFT standards for automated processing throughout the payment chain resulting in extremely high STP rates, was also acknowledged.
The bank’s Central Operations electronic payments department, Treasury back office and Global Trade Services department are handling fund transfer operations while the technical and security issues are handled by the Systems & Procedures department. The Financial Institutions Group, reckoned as one of the leading FI teams in the region, has established more than 500 correspondent banking relationships across the world.