Bank Muscat wins JP Morgan elite award

MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, has won a prestigious award from JP Morgan Bank in recognition of operational excellence in the field of dollar payments processing. Bank Muscat won the ultimate level of JP Morgan Elite quality recognition award with an outstanding performance of 99.79 per cent straight-through-processing (STP) in dollar denominated fund transfer and commercial payments.
Bank Muscat exceeded the stringent STP performance standards and qualified for the award which recognised its exceptional quality of SWIFT messages on dollar payment, 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 JP Morgan Bank.
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.