Bank Muscat wins 2 global awards for US Dollar based fund transfers
The twin awards for operational excellence in the field of SWIFT-based dollar payments processing in both commercial and treasury payments, highlights Bank Muscat’s commitment to the highest quality standards in fund transfers
Bank Muscat, the leading financial services provider in the Sultanate, was recently honoured with two elite awards by the New York headquartered JP Morgan, a global leader in financial services offering solutions to the world’s most important corporations, governments and institutions.
The awards were received by Saleh Nasser Al Habsi, Deputy General Manager, Enterprise Growth & Capital Market Operations, Bank Muscat, in the presence of senior bank officials.
The bank won the 2022 USD clearing Elite Quality Recognition Award for outstanding achievement of best-in-class MT103 with straight-through processing rate of 98.77 per cent.
It also won the 2022 USD clearing Elite Quality Recognition Award for outstanding achievement of best-in-class MT202 with Straight-through Processing of 99.90 per cent.
The twin awards for operational excellence in the field of SWIFTbased dollar payments processing in both commercial and treasury payments, highlights Bank Muscat’s commitment to the highest quality standards in fund transfers.
On this occasion, Zuwaina Abdullah
Al Sharji, Assistant General Manager – Central Operations & Change Management, Bank Muscat, said: “We are delighted to win this award once again and thank JP Morgan for recognising Bank Muscat’s ongoing and continuous commitment to the highest standards in Straight-through Processing. I would also like to take this opportunity to thank the operational teams at the bank for this achievement by consistently maintaining exceptional quality in both commercial payments and transfers, thereby ensuring the highest standards for processing throughout the payment chain.”
The awards are a recognition of the bank’s high standards in Straight-through Processing, which is backed by a state-of-theart in-house payment structure and investments in cutting-edge technology. During the awards handover, JP Morgan representatives commended the operational teams involved in processing dollar payments at Bank Muscat for maintaining error-free transactions consistently.It should be noted that JP Morgan is one of the leading corresponding banks which Bank Muscat partners with to process US Dollar-based fund transfers using the SWIFT global financial system.
Bank Muscat is focused on maintaining its leadership in offering cutting-edge products and services, including electronic payment and online services, through multiple channels and new products and services which cater to its different customer segments. The bank’s performance, which is driven by its customer-centric vision and the adoption of global best practices, has been consistently lauded by the international financial and banking community for decades, with the bank winning similar awards from Wells Fargo, Standard Chartered and Citibank in the past.
In 2022, Bank Muscat was also recognised as one of the “Top 100 Companies in the Middle East” and as one of the “Top 30 banks in the Region” by Forbes Middle East. The bank has also won a number of awards from prestigious international publications like Global Finance, Euromoney, The Banker and EMEA Finance for its different lines of business in the recent past.