Bank Mus­cat wins Citibank award for er­ror-free fund re­mit­tance

Muscat Daily - - BUSINESS -

Mus­cat – Bank Mus­cat won a pres­ti­gious award from Citibank in recog­ni­tion of op­er­a­tional ex­cel­lence in the field of dol­lar pay­ments pro­cess­ing. The bank 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 er­ror­free rate for re­mit­tance transac- tions, ac­cord­ing to a press re­lease is­sued by Bank Mus­cat.

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 the de­liv­ery of com­mer­cial pay­ments and trans­fers, fa­cil­i­tated by a sta­teof-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.

Bank Mus­cat’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 and pro­ce­dures de­part­ment.

The bank’s fi­nan­cial in­sti­tu­tions group 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 2016.

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