MUSCAT: Revered for upholding the highest degree of excellence in all operations, Sohar International was recently honored with the ‘Wells Fargo Special Recognition Award’ crystal. The highly coveted award is granted to banks that have achieved a Straight-Through Processing (STP) rate of over 99 percent for their payments. The award recognizes the bank’s continued pursuit of accomplishing high commercial payment STP rates that allows Wells Fargo to expedite the processing and settlement of payments to the beneficiary banks around the world. By delivering properly formatted payments to Wells Fargo, the bank has been able to enhance operational efficiencies, facilitate cost reductions, and honor customer commitments.
“This award is a testament to Sohar International’s commitment to excellence and we are indeed honoured to have received this recognition from such a venerated international financial institution,” said Ahmed al Musalmi, Chief Executive Officer of Sohar International. “At Sohar International, we keep pace with the continuously evolving realm of international payments. Despite the complexities of the market and the challenges faced in relation to regulations, compliance protocols, and standardisation needs, we have been able to deliver quality services to our customers. Our continued investments in the latest technological innovations have helped us build a strong footing in the industry and we will continue to lead by example.” Wells Fargo is a well-established and distinguished provider of USD global transaction services and corresponds with Sohar International for dollar payments. The awards follow stringent criteria for evaluation and are only conferred to very few banks across the world. Sohar International earned this accolade by continuously enhancing its operational service levels, demonstrating superior transaction processing quality, and maintaining a low inquiry ratio in the global trade community.
Commenting on the award, Hamood al Sawai, Chief Operation Officer at Sohar International said, “Sohar International has always reserved the necessary foresight to remain ahead of the curve. With a strong IT infrastructure and delivery channels, an increased emphasis on automation, and an expert team of personnel to drive the operations, we have been able to demonstrate a high level of efficiency and effectiveness in STP payment flows for global commercial payments. At Sohar International, we place customer convenience and satisfaction as our utmost priority as we continue to address the needs of our individual and institutional clients by emulating the highest standards of service in banking.”
Sohar International has constantly been recognized at international and regional banking forums, thought-leadership summits, and financial awards for its pioneering role in the banking industry. Through the years, the bank has undertaken several initiatives geared at improving operational performance which has helped it to achieve superior levels of transaction quality. With a keen focus on innovation, Sohar International has been at the forefront of deploying breakthroughs in automation while embracing the latest technological advancements. With its digitalisation strategies strongly aligned with Oman Vision 2040, the bank will continue to lead transformation in the sector.
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