BankMuscat (SAOG), the nation’s premier financial institution, has recently been presented with the JPMorgan Chase 2004 Quality Recognition Award for its outstanding performance and long-term commitment to quality in the area of fund transfer. It is worth noting that less than 1% of JPMorgan fund transfer clients were able to qualify for this award.
Commenting on this distinction, AbdulRazak Ali Issa, chief executive, BankMuscat said, “Ensuring the highest levels of quality in everything, be it the products we offer, the services we provide or the processes and procedures that we follow, is of the greatest importance to BankMuscat. Having won this prestigious award for the fifth time, is undoubtedly testimony this and the unwavering commitment of our people to the high standards we believe in.”
The Quality Recognition award is presented to JPMorgan Chase clients who have achieved straight through rates in the area of funds transfer between 90% and 98.9% and relates to MT 103 transfers (which are customer related payments) that have been made by the Central Operations department, the Corporate Branch, the Trade Finance and Overseas Credit department and Treasury department of the Bank. It is only when the correct SWIFT message and format of the fund transfer payments are handled in an automated manner that straight through processing is achieved.
The Central Operations department of BankMuscat caters to 60% all fund transfer requests made by the various departments of the Bank. The Bank’s Corporate branch, MBD branch, Trade Finance & Overseas Credit and Treasury departments, handle the remaining requests. The Systems & Procedures department of the Bank handles all technical and security issues related to the transfer of funds.
Since 1997, JPMorgan Chase has presented the Quality Recognition Award to clients who have achieved an outstanding level of operating excellence. JPMorgan is a leading global financial services firm with assets of USD 1.1 trillion and operations in more than 50 countries. The new JPMorgan Chase & Co. (NYSE: JPM) was created upon completion of the holding company merger between JPMorgan Chase and Bank One. The firm is a leader in investment banking; financial services for consumers and businesses, financial transaction processing, asset and wealth management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. has its corporate headquarters in New York and its U.S. retail financial services and commercial banking headquarters in Chicago. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients.
