National Bank of Oman Earns Citibank STP Excellence Award

​In recognition of its high operational standards in the payments sphere, National Bank of Oman (NBO) has received Citibank’s Straight Through Processing (STP) Excellence award.

18 Dec 2019 | Muscat

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The bank has been granted the award which is given to institutes who manage to successfully process payments through Citibank with the least percentage of errors and highest levels of efficiency. In particular, it showcases the bank’s high efficiency in Treasury and Commercial Payments, of which NBO managed to successfully achieve an STP rate of over 97% and over 95% respectively.

“As the finance industry moves increasingly towards digital platforms, STP is an important part of the modern customer experience. Enabling quicker, more efficient payment transfers, it optimises operations and enhances decision-making,” said Manam Mohsin Al Kindi, Head of Financial Institutions at NBO. “This award is a welcome testament of our efforts to stay at the top of our game. Through such services we are driving customer value, prioritising excellence, while striving to remain the Sultanate’s bank of choice.”

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. It’s 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.