Bank Muscat Wins Jpmorgan Award For Fund Transfers

Bank muscat, Oman’s flagship financial institution, has won the JPMorgan Quality Recognition Award for outstanding performance in fund transfers. This is the 12th consecutive year the bank is winning the JPMorgan award for forex transactions related to dollar payments.

Bank muscat, according to a press release, is among a select group of regional institutions to receive the prestigious award for achieving above 99 per cent straight through processing (STP) rates for dollar remittances.

Ali Amin Moosa, AGM – central operations, said, “Winning this prestigious award consecutively for the 12th time is testimony to the bank’s commitment to high standards of quality in meeting the stringent criteria for fund transfers.

“The central operations electronic payments department, treasury back

office and global trade services department handle fund-transfer operations in the bank while the technical and security issues are handled by the systems & procedures department.

“The financial institutions group has established more than 500 correspondent banking relationships across the world and is acknowledged as one of the leading FI teams in the region.”

The award recognised bank muscat’s exceptional quality of SWIFT messages on dollar payment, maintaining a 99.7 per cent error-free rate for remittances in 2012. The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through JPMorgan bank.

JPMorgan is one of bank muscat’s main correspondents for US dollar payments. JPMorgan representatives commended the operational teams involved in processing payments at bank muscat for the error-free rate maintained consistently throughout the high volume of remittances processed during 2012.

Muscatdaily