Oman Arab Bank (OAB) has received the ‘Straight Through Processing’ (STP) excellence award for 2019 from Citibank for the second consecutive year.
The award was presented to OAB as a recognition of the quality and accuracy payments sent by OAB, wherein the bank maintained an outstanding 95 per cent modification-free rate for the bank’s remittances in USD.
OAB was presented with the award at their head office by Mohsin al Mahdi, director of correspondent banking group. Mahfoudh Sultan al Rawahi, the head of branches central operations at OAB received the award on behalf of OAB, alongside members of the staff from the bank’s central operations departments, according to a press release.
Now in its 14th year, the Citi Excellent STP Award programme is one of the most prestigious awards to honour financial institutions and banks that possess state-of-the-art international payment services with highly qualified international transactions.
Rawahi said, “We are honoured to receive this prestigious award for the second consecutive year, reaffirming OAB’s position as one of the leading banks in the sultanate. At OAB we pride ourselves on being a consumer-centric bank, therefore, we ensure the most efficient services by adopting the best international practices, and guarantee the accuracy of our electronic payments. We believe this award stands as a testament to our dedication towards achieving the highest STP rates.”
“Our instant and simple transfers using STP ensure the best customer experience. OAB will continue to focus on providing the highest global standards in managing our processes, people and service delivery, for our continued success in both our remittances, alongside our retail and commercial products and services, reinforcing our position as one of the leading STP Banks within the Sultanate” Rawahi added.