Bank Muscat was recently awarded by Citibank for its operational excellence in the field of dollar payments processing. Bank Muscat won the straight-through-processing (STP) award by Citibank for outstanding performance in dollar-denominated fund transfers. 

The award recognised Bank Muscat’s exceptional quality of SWIFT messages on dollar payments and maintaining an outstanding error-free rate for remittances. The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through Citibank, which was as high as 99.19 per cent in the MT103 category.

The award highlighted the bank’s commitment to high standards of quality in meeting the stringent criteria for fund transfer. 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 to consistently maintain high SWIFT standards for automated processing throughout the payment chain, was also acknowledged.

Citibank is among Bank Muscat’s most prominent correspondent banks for dollar payments. Citibank representatives commended the operational teams involved in processing dollar payments at Bank Muscat for the error-free rate, which was maintained consistently throughout the year.