The Wells Fargo straight through processing (STP) award recognised Bank Muscat’s exceptional quality of SWIFT messages on dollar payment and an outstanding error-free rate for remittances. The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through Wells Fargo bank, a press release said.
The award highlighted Bank Muscat’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, resulting in extremely high STP rates, was also commended.
Bank Muscat’s central operations electronic payments department, treasury back office and global trade services department are handling fund transfer operations. Technical and security issues are handled by the systems and procedures department.
The bank’s financial institutions group, reckoned as one of the leading financial institutions teams in the region, has established more than 500 correspondent banking relationships across the world.
Wells Fargo is among Bank Muscat’s prominent correspondent banks for dollar payments. Wells Fargo representatives commended the operational teams involved in processing dollar payments at Bank Muscat for the error-free rate maintained consistently throughout the high volume of remittances processed during the year.
A multi-award winning organisation, Bank Muscat’s STP performance has been consistently lauded by the international financial and banking community for several years.