MUSCAT – Bank Muscat has won the Wells Fargo Operations Excellence Award. Recipients of this award have traditionally demonstrated superior transaction processing quality, resulting in higher efficiencies, faster payments, cost reductions and honoured commitments to operational excellence to their customers. Wells Fargo recognised the bank’s commitment to the highest standards of quality in meeting the stringent criteria for quickly and seamlessly processing international payments.
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. Wells Fargo is among Bank Muscat’s prominent correspondent banks for dollar payments and provides Bank Muscat with high quality payment processing, seamless and efficient servicing and outstanding customer service.
Bank Muscat’s exceptional quality of SWIFT messages on dollar payment and an outstanding error-free rate for remittances were among the main criteria, which were highlighted by this award. In fact, Wells Fargo representatives commended the operational teams involved in processing dollar payments at Bank Muscat for the error-free rate maintained consistently throughout the high volume of remittances processed during the year. The commendation letter from the correspondent bank appreciated the Bank Muscat’s commitment to operational excellence and the valued partnership with Wells Fargo.
A multi-award winning organisation, Bank Muscat has established more than 500 correspondent banking relationships across the world. Its performance across different facets of banking and finance have consistently lauded by the international financial and banking community for several years, with the bank winning similar awards from JP Morgan Chase, Standard Chartered and Citibank in the past.
Earlier in 2020, Bank Muscat was listed by Forbes Middle East as one of the Top 100 companies in the entire region and also won the Best Local Bank awards from EMEA Finance and Euromoney. The Bank was also named as the Best Private Bank in Oman by The Banker and the Best Trade Finance Bank in Oman by Global Trade Review. It also won the Channel Innovation Award at the Infosys Finacle Client Innovation Awards recently.