Bank Muscat wins Citibank award for error-free fund remittance
Bank Muscat has won the straight-through-processing (STP) award by Citibank for outstanding performance in dollar denominated fund transfer and commercial payments.
The award recognised Bank Muscat’s quality of SWIFT messages on dollar payment and maintaining an error-free rate for remittances. The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through Citibank.
The award highlighted the bank’s commitment to high standards of quality in meeting the stringent criteria for fund transfer.
The bank’s Central Operations electronic payments department, Treasury back office and Global Trade Services department are handling fund transfer operations while the technical and security issues are handled by the Systems & Procedures department. The Financial Institutions Group, one of the leading FI teams in the region, has established more than 500 correspondent banking relationships across the world.
Citibank is among Bank Muscat's 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 maintained consistently throughout the high volume of remittances processed during 2015.