National Bank of Oman Earns Fifth Citibank STP Excellence Award

Continuing to set benchmarks in the payments sphere, National Bank of Oman (NBO) has won Citibank’s Straight Through Processing (STP) Excellence award. It’s the fifth time the bank has been awarded by the organisation (Citibank), which annually recognises its best-in-class partner banks for their success in formatting foreign currency (USD) payments. In particular, the award highlights the bank’s high efficiency in Treasury Payments and Commercial Payments, of which NBO managed to successfully achieve an STP rate of over 98% and over 95% respectively.

“At NBO, we pride ourself on our efforts to constantly improve our processes and as the finance industry moves increasingly towards digital platforms, we are ensuring a modern and seamless customer experience for all our clients. Winning this award for the fifth time is a testament to how efficient and cost effective our payments’ processing continues to be,” said Manam Mohsin Al Kindi, Head of Financial Institutions at NBO.

Citibank is considered the industry’s premier provider of U.S. Dollar payment services, providing clearance for a vast majority of banks in the region. Its annual STP award recognizes financial institutions who have successfully built a fully automated dollar dominated fund transfer platform through which they can process foreign transactions electronically without the need for manual intervention, thereby increasing efficiency and eliminating delays. A key component of the service is establishing a network of global banking tie-ups. Today, NBO has created long-term partnerships and strong relationships with some of the world’s most prestigious global banks, ensuring its customer confidence is never misplaced.