Bank Muscat has won a prestigious award from Standard Chartered Bank in recognition of operational excellence in the field of dollar payments processing. The bank received the annual excellence award for straight-through-processing (STP) in dollar denominated fund transfer and commercial payments. The award recognized Bank Muscat’s exceptional quality of SWIFT messages on dollar payment and an outstanding error-free rate for remittances. The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through Standard Chartered 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 in-house 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. Standard Chartered Bank is among Bank Muscat’s prominent correspondent banks for dollar payments.
