MUSCAT: Bank Muscat, the leading financial services provider in the Sultanate, has won two prestigious awards from JP Morgan Chase in recognition of operational excellence in the field of dollar payments processing. Bank Muscat won the ultimate level of the 2019 Quality Recognition Awards from JP Morgan Chase for the MT 103 and MT 202 categories. Bank Muscat payment processing showed an outstanding performance of 99.47 per cent straight-through-processing (STP) in dollar denominated institutional fund transfers and commercial payments.
Bank Muscat exceeded the stringent STP performance standards and qualified for the award which recognised its exceptional quality of SWIFT messages on dollar payment, maintaining an outstanding error-free rate for remittances. The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through JP Morgan Bank.
The award highlighted the bank’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 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 acknowledged.
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JP Morgan Chase is among Bank Muscat’s prominent correspondent banks for dollar payments. Representatives of JP Morgan Bank 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 2019.
A multi-award winning organisation, Bank Muscat’s STP performance has been consistently lauded by the international financial and banking community for several years. The bank has won similar awards from Barclays, Wells Fargo, Citibank, Standard Chartered and Deutsche Bank. Also, in recognition of its outstanding contributions to the banking sector in Oman, Bank Muscat continued to win prestigious awards in 2019 from Euromoney, Global Finance, Emeafinance and The Banker magazines.
