Citibank honours Bank Muscat for excellence in US Dollar transfers

Roundup Sunday 02/July/2023 15:34 PM
By: Times News Service
Citibank honours Bank Muscat for excellence in US Dollar transfers

Muscat: In continuation of its excellence in banking services, Bank Muscat, the leading financial services provider in the Sultanate, won recently the Straight-through-processing (STP) award from the New York headquartered multinational banking giant, Citibank, for its outstanding performance in US dollar-denominated fund transfers in both Commercial payments and Treasury payments. The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through Citibank, which was above 97 per cent. This prestigious award is given to leading financial institutions around the world that apply the highest levels of efficiency in executing money transfers and financial transactions with minimal manual intervention, which reflects on enhancing efficiency and avoiding any delay in executing payments. Bank Muscat has been continuously winning this kind of accolades from various global financial institutions.

Speaking on the occasion, Zuwaina Abdullah Al Sharji, Assistant General Manager – Central Operations & Change Management, Bank Muscat, said: “It is a matter of pride to win this award once again. The award highlights the bank’s commitment to the highest 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, was also acknowledged.”

Citibank representatives commended the operational teams involved in processing dollar payments at Bank Muscat for the error-free rate, which was maintained consistently throughout the year. The bank is focused on maintaining its leadership in offering cutting-edge products and services, including electronic payment and online services with emphasis on introducing multiple channels and new products that cater to different sectors.

Bank Muscat’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 JP Morgan in the past. It 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 the recent past.