MUSCAT, 13 April 2013 - Bank Muscat, the flagship financial institution
in the Sultanate, has won a prestigious Citibank award for forex transactions related to dollar
payments. Bank Muscat was among a select group of regional institutions to
receive the award for achieving outstanding straight through processing (STP)
rates for dollar remittances.
Ali Amin Moosa, AGM – Central Operations, said: “Winning this award is
testimony to the bank’s commitment to high standards of quality in meeting the
stringent criteria for fund transfer. The Central Operations electronic payments
department, Treasury back office and Global Trade Services department are
handling fund transfer operations in the bank while the technical and security
issues are handled by the Systems & Procedures department.
Financial Institutions Group has established more than 500 correspondent banking
relationships across the world and is acknowledged as one of the leading FI
teams in the region.”
recognised Bank Muscat’s exceptional quality of SWIFT messages on dollar
payment, maintaining an outstanding level of error-free rate for remittances in
2012. The award was based on evaluation of the quality and accuracy of SWIFT
payment messages routed through Citibank.
is one of Bank Muscat's main correspondent banks for US dollar payments.
Citibank representatives commended the operational teams involved in processing
payments at Bank Muscat for the error-free rate maintained consistently
throughout the high volume of remittances processed during
acknowledged Bank Muscat for exceptional quality in the delivery of commercial
payments and transfers. The award also recognised Bank Muscat’s state-of-the-art
in-house payment architecture and affirmed that the bank consistently maintained
high SWIFT standards, which facilitated automated processing throughout the
payment chain resulting in extremely high STP rates.
multi-award winning organisation, Bank Muscat’s performance has been
consistently lauded by the international financial and banking community for