MUSCAT – 9 April 2012 - BankMuscat, the flagship financial services provider in the Sultanate, has won a prestigious award in recognition of operational excellence in the field of Euro payments processing. BankMuscat was among a select group of regional institutions to receive the prestigious annual straight through processing (STP) award presented by Deutsche Bank for achieving 99.8 per cent straight-through rate for Euro remittances.
The award recognised BankMuscat's exceptional quality of Euro payment messages, maintaining an outstanding 99.8 per cent error-free rate for remittances in 2011. The award was based on Deutsche Bank's evaluation of the quality and accuracy of SWIFT payment messages routed through Deutsche Bank. The criterion for 2011 award was that the client had to achieve above 97 per cent STP rate and more than 10,000 payments a year.
Deutsche Bank is BankMuscat's correspondent for Euro payments emanating from commercial and customer remittance payments. Deutsche Bank representatives congratulated BankMuscat for the error-free rate maintained consistently throughout the high volume of remittances processed during 2011.
The Euro STP Excellence Award acknowledged BankMuscat for exceptional quality in the delivery of commercial payments and transfers. The award recognised BankMuscat'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.
BankMuscat is identified among the best currency trading providers, equipped with the best online foreign exchange systems. The Bank's strengths include foreign exchange transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies.
In the prevailing volatile foreign exchange markets, corporations around the world look for a strong, knowledgeable FX bank to help them cope with the turbulence in the markets. A multi-award winning organisation, BankMuscat's performance has been consistently lauded by the international financial and banking community for several years. The top-notch awards reflect the best overall performance in terms of qualitative achievements and strategic initiatives.
Consistently winning prestigious global awards speak volumes on the unrivalled position enjoyed by BankMuscat in the Sultanate. A keen perception of customer requirements has enabled BankMuscat to develop products and services in line with the current and emerging needs. The Bank remains committed to banking excellence through innovative products and services.