OAB receives STP Award from Citibank

MUSCAT: Oman Arab Bank (OAB) was recently recognised as one of the best ‘Straight Through Processing’ (STP) banks in Oman by Citibank, a globally renowned financial firm.

Commenting on the award, Mahfoudh Sultan Al Rawahi, the Head of Branches Central Operationsat OAB said, “We are honoured to receive this award from Citibank. Industry recognitions such as this not only underscores our efforts to ensure accuracy of electronic payments, but also incentivises us to stepup our operations and processes by always adopting the best international practices.”

The award was presented to the bank at its headquarters in Al Ghubra by Mohammed Ahmed Al Hammadi, the vice president of correspondence banking group at Citibank. Mahfoudh Sultan Al Rawahi received the award on behalf of OAB and was accompanied by members of staff from the bank’s Central Operations department.

The award was presented to OAB in appreciation of the quality and accuracy payments sent by OAB, wherein the bank maintained an outstanding of 95% modification-free rate for bank remittances in US dollar.

“Our success as a bank, both in terms of remittances as well as our other retail and commercial products and services, can be attributed to our continued emphasis on implementing the best global standards in managing our processes, people, and service delivery,” added Mahfoudh.

Oman Arab Bank is one of the first banks to be established in Oman, with a rich and proud history.