Bank Muscat has once again been recognised by global banking giant JP Morgan for its best in class Straight-Through Processing (STP) rates for its US dollar clearing operations.

In a press statement, Bank Muscat said it is a matter of great pride that the awards won by the bank recognise the ultimate level of performance by client banks.

The MT 103 Elite Quality Recognition Award won by Bank Muscat is only given to clients who achieve STP of 99 per cent or more with a minimum debit volume of 10,000 MT 103 transactions. The MT 202 Elite Quality Recognition Award won by the bank is only given to clients who achieve STP of 99.7 per cent or more with a minimum debit volume of 8,000 MT 202 transactions.

Recipients of these awards have to demonstrate superior transaction processing leading to higher efficiencies, faster payments, cost reductions and honouring of commitments to operational excellence to their customers. Bank Muscat won the accolades after exceeding the elite benchmarks in both categories. 

Bank Muscat’s exceptional quality of SWIFT messages on dollar payment and an outstanding error-free rate for remittances were highlighted by the two awards.