Muscat – Bank Muscat has won the prestigious US Dollar Payment Straight-Through Processing (STP) Excellence Award from Citibank, one of the largest financial institutions in the United States.

One delegate from Citibank visited Bank Muscat’s headquarters at Airport Heights to present the award, recognising the bank’s outstanding performance in US dollar money transfers.

Bank Muscat achieved a remarkable 99.4% success rate in commercial payments and 98.1% in their related cover payments, meeting the stringent criteria based on the assessment of SWIFT payment system messages.

This award is granted to top financial institutions worldwide that adhere to the highest standards of efficiency in fund transfers and transactions, minimising manual intervention and ensuring high-quality execution without delays. Bank Muscat has been consistently recognised with similar awards from various international financial institutions.

Zuwaina Abdullah al Sharji, Assistant General Manager – Central Operations and Change Management at Bank Muscat, highlighted that the award reflects Bank Muscat’s steadfast commitment to maintaining the highest standards in payment transfer systems and the efficient application of the SWIFT system, facilitating seamless payment transactions.

She also noted that achieving such high error-free rates in commercial and treasury payments, given the large volume of transfers, is a significant accomplishment. She emphasised that many financial institutions rely on the SWIFT system to enhance their operations and strengthen relationships with international banks.

Citibank’s delegates praised the efforts exerted by Bank Muscat represented by the Central Operations Department, in securing this recognition. The bank continues to lead the industry by providing top-notch banking services and products, continuously innovating with electronic payment systems and online services to meet the diverse needs of its customers.

Bank Muscat’s commitment to excellence has been acknowledged both locally and internationally, with the bank receiving numerous awards from prestigious institutions such as Wells Fargo, Bank of New York Mellon- NY, and JP Morgan. Additionally, the Bank has been honoured with accolades from Global Finance, Euromoney, MEED, and EMEA Finance, among others, for its unmatched banking services and products.