Bank Muscat wins JP Morgan Chase awards for best straight-through processing rates

Bank Muscat, the leading financial service provider in the Sultanate of Oman, was awarded by the global banking giant JP Morgan Chase; one of the top institutions that provide financial solutions to important corporates around the world, for its best-in-class straight-through processing (STP) rates for US dollar clearing operations.

‘The bank is proud to be recognised for its best-in-class STP rate of 99.46% per cent on MT103 category and of 99.92% per cent on MT202 category for its excellent STP technique in 2023,’ Bank Muscat stated in a release.

Speaking about this outstanding achievement, Talal Abdul Hameed al Zadjali, Deputy General Manager - Operations, Bank Muscat, said: “The Bank prioritizes excellence in managing its operations and services, evident through consistent recognition from financial institutions and international banks. The awards received highlight the Bank's operational efficiency, particularly in electronic payment services, showcasing its commitment to technological advancements and delivering exceptional services to both individual and institutional customers.

“The bank is keen to adopt high efficiency standards in fund transfers and transactions that minimise manual intervention, ensuring quality and preventing payment delays. We will continue to apply the latest practices that save time and effort of our valued customers.”

The STP Award is a global testimony of Bank Muscat's commitment to the highest levels of quality by meeting strict standards in the field of money transfer. It recognises the Bank's advanced internal system for sending commercial payments and money transfers, while maintaining the highest standards of the ‘SWIFT’ system and achieving high rates of direct transfers.

The exceptional quality of the bank in providing payments and trade transfers has led to a high percentage of direct processing.

Bank Muscat has established more than 500 correspondent banking relationships across the world, most prominent of which is JP Morgan, Wells Fargo, Standard Chartered, BNY Mellon and Citibank.

The bank’s performance has also been lauded by the international financial and banking community for decades, with prestigious awards from international publications like Global Finance, Euromoney, The Banker and EMEA Finance, amounting to 35 awards in 2023.