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Bank muscat wins Euro STP excellence award by Commerzbank

MUSCAT, 8 October 2012 – bank muscat, 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. bank muscat was among a select group of regional institutions to receive the prestigious annual excellence award for straight-through-processing (STP) presented by Commerzbank for outstanding performance in the delivery of commercial payment and transfers in Euro currency.

Ali Amin Moosa, AGM – Central Operations, said:  “Consistently winning this prestigious 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. The 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.”

The award recognised bank muscat’s exceptional quality of SWIFT messages on Euro payment. The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through Commerzbank.

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.

Commerzbank is one of bank muscat's main correspondents for Euro payments. Commerzbank 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 2012.

A multi-award winning organisation, bank muscat’s forex payment and fund transfer performance has been consistently lauded by the international financial and banking community for several years.