Bank Muscat wins Citibank award for error-free fund remittance
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.