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BankMuscat
Another
Award for BankMuscat
• Quality Award For Fund Transfer For The
Seventh Time
Muscat, 24 December 2007: BankMuscat (SAOG),
the nation’s premier financial institution, has
recently been presented with the JPMorgan Chase
Quality Recognition Award for its outstanding
performance and long-term commitment to quality
in the area of fund transfer. It is worth noting
that less than 1% of JPMorgan fund transfer
clients were able to qualify for this award.
Commenting on this distinction, AbdulRazak
Ali Issa, chief executive, BankMuscat said,
“Ensuring the highest levels of quality in
everything, be it the products we offer, the
services we provide or the processes and
procedures that we follow; is of the greatest
importance to BankMuscat. Having won this
prestigious award for the seventh time, is
undoubtedly testimony to this and the unwavering
commitment of our people to the high standards
we believe in.”
The Quality Recognition award is presented to
JPMorgan Chase clients who have achieved
straight through rates in the area of funds
transfer between 90% and 98.9% and relates to MT
103 transfers (which are customer related
payments) that have been made by the Bank. It is
only when the correct SWIFT message and format
of the fund transfer payments are handled in an
automated manner that straight through
processing is achieved.
The Central Operations department of BankMuscat
caters to 99% of all fund transfer requests made
by the various departments of the Bank. The
Global Trade Services department handles the
remaining requests. The Systems & Procedures
department of the Bank handles all technical and
security issues related to the transfer of
funds.
Since 1997, JPMorgan Chase has presented the
Quality Recognition Award to clients who have
achieved an outstanding level of operating
excellence. The new JPMorgan Chase & Co. (NYSE:
JPM) was created upon completion of the holding
company merger between JPMorgan Chase and Bank
One. The firm is a leader in investment banking;
financial services for consumers and businesses,
financial transaction processing, asset and
wealth management, and private equity. A
component of the Dow Jones Industrial Average,
JPMorgan Chase & Co. has its corporate
headquarters in New York and its U.S. retail
financial services and commercial banking
headquarters in Chicago. Under the JPMorgan,
Chase and Bank One brands, the firm serves
millions of consumers in the United States and
many of the world's most prominent corporate,
institutional and government clients. |
