Muscat – Bank Muscat has been recognised by global banking giant JP Morgan for its best-in-class Straight-Through Processing (STP) rates for US dollar clearing operations.
The bank won the 2021 Quality Recognition Award for MT103 with its best-in-class STP rate of 98.63 per cent and the 2021 Quality Recognition Award for MT202 with STP rate of 99.9 per cent from JP Morgan, which is a global leader in offering financial services and solutions to the world’s leading governments, corporates and institutions, a press release said.
Recipients of this award have traditionally demonstrated superior transaction-processing quality, resulting in higher efficiencies, faster payments and cost reductions and honouring commitments to operational excellence. JP Morgan has been giving these awards since 1997 to acknowledge consistent high-quality performance by its partner banks.
The international payments landscape is an essential part of banking relationships in today’s global economy.
Given the dynamic environment and continuous developments in technology, the responsibility for quicker and efficient processing is a shared effort by all financial institutions that are involved in the payment cycle.
Bank Muscat has established more than 500 correspondent banking relationships across the world and JP Morgan is among Bank Muscat’s prominent correspondent banks for dollar payments. Bank Muscat won the accolades after exceeding the elite benchmarks in both categories.
Bank Muscat’s exceptional quality of SWIFT messages on dollar payments and an outstanding error-free rate for remittances were highlighted by the two awards, which also appreciated the Bank Muscat’s valued partnership with JP Morgan.
The bank’s performance has been consistently lauded by the international financial and banking community for decades, with the bank winning similar awards from Wells Fargo, Standard Chartered and Citibank in the past.
Also in June 2021, Bank Muscat was recognised as one of the ‘Top 100 Companies in the Middle East’ and as one of the ‘Top 50 banks in the Region’ by Forbes Middle East.
The bank has also won a number of awards from prestigious international publications like Global Finance, Euromoney, The Banker and EMEA Finance for its different lines of business in 2021.