Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, has won an award from Wells Fargo bank for outstanding performance in dollar denominated fund transfer and commercial payments. Abdullah Al Hinai, DGM – Investment Banking & FIG, received the straight through processing (STP) Excellence Award for USD payments for the year 2012.
Abdullah Al Hinai said: "Winning this award is testimony to the bank's commitment to high standards of quality in meeting the stringent criteria for fund transfer. The award acknowledges 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 the bank to consistently maintain high SWIFT standards for automated processing throughout the payment chain resulting in extremely high STP rates."
The bank's Central Operations electronic payments department, Treasury back office and Global Trade Services department are handling fund transfer operations while the technical and security issues are handled by the Systems & Procedures department. The Financial Institutions Group, acknowledged as one of the leading FI teams in the region, has established more than 500 correspondent banking relationships across the world.
The award recognised Bank Muscat's exceptional quality of SWIFT messages on dollar payment, maintaining an outstanding error-free rate for remittances in 2012. The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through Wells Fargo bank.