MUSCAT, 11 December 2013 – Bank Muscat, the flagship financial services provider in the Sultanate, won the straight through processing (STP) excellence award from Landesbank Baden-Wuerttemberg (LBBW) in Germany for outstanding performance in euro denominated fund transfer and commercial payments.
The award recognised Bank Muscat's exceptional quality of SWIFT messages on euro payment, maintaining an outstanding error-free rate for remittances. Against the background of an average STP rate for worldwide correspondents of LBBW in the range of 70 to 80 per cent only, Bank Muscat achieved an outstanding STP rate of 96.6.
The award acknowledged the bank's exceptional quality in the delivery of commercial payments and transfers, facilitated by a state-of-the-art in-house payment architecture which helps the bank to consistently maintain high SWIFT standards for automated processing throughout the payment chain resulting in extremely high STP rates.
The bank'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 & Procedures department. The Financial Institutions Group, acknowledged as one of the leading FI teams in the region, has established more than 500 correspondent banking relationships across the world.
LBBW is among Bank Muscat's leading correspondent banks for euro payments. LBBW commended the operational teams involved in processing euro payments at Bank Muscat for the error-free rate maintained consistently throughout the high volume of remittances processed during 2013.
“Taking into consideration that the few non-STP payments originated in wrong IBAN numbers from clients, the STP rate would have been 100 per cent. Such an excellent performance by Bank Muscat can only be achieved with a highly qualified and motivated workforce," LBBW noted
A multi-award winning organisation, Bank Muscat's STP performance has been consistently lauded by the international financial and banking community for several years.