Bank Muscat continues excellent performance in transferring payments with US Dollar

Muscat: In recognition of its excellence in US dollar-denominated fund transfers in commercial payments, Bank Muscat, the leading financial service provider in the Sultanate, won recently the Straight-through-processing (STP) Award from The Bank of New York Mellon (BNY), the America's oldest bank and the first company listed on the New York Stock Exchange. The Award reflects the excellence of the digital infrastructure adopted by Bank Muscat in the field of direct payments, and the global standards it applies in the SWIFT system that facilitates payment operations of transfers.

Speaking on the occasion, Zuwaina Abdullah Al Sharji, Assistant General Manager – Central Operations & Change Management, Bank Muscat, said: “Receiving this Award consecutively demonstrates the Bank's commitment to high-quality e-payment solutions, showcasing Bank Muscat's excellence and operational proficiency. This recognition is a result of our ongoing technological investments, enabling us to deliver exceptional services to both retail and corporate customers”.

She added: “Bank Muscat is keen to apply the highest standards of efficiency in transferring funds and conducting transactions with the least possible manual intervention. This clarifies the exceptional transaction quality and zero delays in payments’ processing”.

BNY Mellon is a New York headquartered multinational banking giant. It is a global specialist in securities and asset management services, and is one of the largest providers of treasury services, certificate of deposit banks at the regional and global levels. It owns the largest deposit bank and asset services company in the world, with 2 trillion US dollars of Assets Under Management (AUM).

BNY Mellon 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 this year similar awards from Wells Fargo, Standard Chartered and JP Morgan. 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.