Muscat, 10 December 2019: Oman Arab Bank has received the ‘Straight Through Processing’ (STP) excellence award for 2019 from Citibank. This is the second consecutive year the company has earned this award for excellence in its efforts in conducting international payment services. Now in its 14th year, the Citi Excellent STP Award programme is one of the most prestigious awards to honour financial institutions and banks that possess state-of-the-art international payment services with highly qualified international transactions.
Commenting on the award, Mahfoudh Sultan Al Rawahi, the Head of Branches Central Operations at OAB said “We are honoured to receive this prestigious award for the second consecutive year, reaffirming OAB’s position as one of the leading banks in the Sultanate. At OAB we pride ourselves on being a consumer-centric bank, therefore, we ensure the most efficient services by adopting the best international practices, and guarantee the accuracy of our electronic payments. We believe this award stands as a testament to our dedication towards achieving the highest STP rates.”
OAB was presented this award at their head office by Mohsin Al Mahdi, Director of Correspondent Banking Group. Mahfoudh Al Rawahi received the award on behalf of OAB, alongside members of the staff from the Bank’s Central Operations departments were also in attendance.
The award was presented to OAB as a recognition of the quality and accuracy payments sent by OAB, wherein the Bank maintained an outstanding 95% modification-free rate for the bank’s remittances in USD.
“Our instant and simple transfers using STP ensure the best customer experience. OAB will continue to focus on providing the highest global standards in managing our processes, people and service delivery, for our continued success in both our remittances, alongside our retail and commercial products and services, reinforcing our position as one of the leading STP Banks within the Sultanate” Al Rawahi added.
Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices and 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investments clients.