MUSCAT: In keeping with its role as the leading financial services provider in Oman, Bank Muscat has won the Wells Fargo Operations Excellence Award for 2020. Bank Muscat’s exceptional quality of SWIFT messages on dollar payment and an outstanding error-free rate for remittances were among the main criteria for receiving this award. The bank had won two similar awards from JP Morgan in 2020, and was recently named by Global Finance as the Best Foreign Exchange Provider in Oman.
International payments are an integral component of banking relationships in today’s global economy. The accountability for quick and efficient processing is a shared effort by all financial institutions involved. Wells Fargo, which is among Bank Muscat’s prominent correspondent banks for dollar payments and provides Bank Muscat with high quality payment processing, seamless and efficient servicing and outstanding customer service, highly appreciated the partnership. It recognised the bank’s commitment to the highest standards of quality, in particular Bank Muscat’s outstanding transaction processing quality and dedication to operational excellence. Most importantly, this award is a recognition of the commitment to serving in line with its customer-centric vision. 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.
Bank Muscat which has more than 500 correspondent banking relationships across the world is a multiple award winner whose performance has been recognised both at the international and local levels. The bank’s Central Operations Electronic Payments department, Treasury back office and Global Trade Services department handle fund transfer operations.
As a prolific innovator in the financial sector, Bank Muscat won more than 30 international and local awards and accolades in 2020 continuing its excellent performance from previous years. The bank regularly wins multiple awards across its different lines of business and operations in recognition of its outstanding achievements and commitment to offering world-class banking services to all its customers. The bank is working steadily to further improve its excellent portfolio of services and provide greater financial inclusion across the Sultanate.