Muscat: Bank Muscat, the leading financial services provider in Oman, has once again been recognised by JP Morgan for its best-in-class Straight-Through Processing (STP) rates for its US Dollar Clearing operations.

A global leader in financial services offering solutions to the world’s most important corporations, governments and institutions, JP Morgan has been giving these awards since 1997 to acknowledge consistent high-quality performance of client fund transfer operations.

It is a matter of great pride that the awards won by Bank Muscat recognise the ultimate level of performance by client banks.

The MT 103 Elite Quality Recognition Award won by the bank is only given to clients who achieve STP of 99% or more with a minimum debit volume of 10,000 MT 103 transactions.

The MT 202 Elite Quality Recognition Award won by the bank is only given to clients who achieve STP of 99.7% or more with a minimum debit volume of 8,000 MT 202 transactions.

Recipients of these awards have to demonstrate superior transaction processing leading to higher efficiencies, faster payments, cost reductions and honoring of commitments to operational excellence to their customers.

Bank Muscat won the accolades after exceeding the elite benchmarks in both categories.

Bank Muscat’s exceptional quality of SWIFT messages on dollar payment and an outstanding error-free rate for remittances were highlighted by the two awards, which also appreciated the Bank Muscat’s commitment to operational excellence and the valued partnership with JP Morgan.

The international payments landscape is an essential part of banking relationships in today’s global economy. Given the dynamic environment and continuous enhancement in technology, the responsibility for quicker and efficient processing is a shared effort by all financial institutions that are involved in the payment cycle.

Bank Muscat has established more than 500 correspondent banking relationships across the world and JP Morgan is among Bank Muscat’s prominent correspondent banks for dollar payments.

A multi-award-winning organisation, the bank’s performance across different facets of banking and finance have been consistently lauded by the international financial and banking community for decades, with the bank winning similar awards from Wells Fargo, Standard Chartered and Citibank in the past few years.

Bank Muscat has also been listed by Forbes Middle East as one of the Top 100 companies in the entire region and has repeatedly won the Best Bank in Oman awards from EMEA Finance, Global Finance, The Banker and Euromoney. The bank won over 25 awards and accolades across its different lines of business in 2020.