MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to banking excellence, has won an 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 linked to dollar payment and outstanding error-free rate for remittance transactions. The award, based on the quality and accuracy of SWIFT payment messages routed through Citibank, highlighted the bank’s commitment to high standards of quality in meeting the stringent criteria for fund transfer.
Bank Muscat maintains exceptional quality in 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.
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. Citibank is among Bank Muscat’s prominent correspondent banks for dollar payments. Citibank representatives commended the operational teams involved in processing dollar payments at Bank Muscat for the error-free rate maintained consistently throughout the high volume of remittances processed during 2018.