Complex Made Simple

Bank Sohar Oman awarded STP recognition for second year running

Standard Chartered Bank recognises Bank Sohar for the second consecutive year.

Bank Sohar has once again been recognized as one of the best ‘Straight Through Processing’ (STP) banks in Oman by Standard Chartered Bank, a leading international banking group.

The STP award marks the second year in a row that Bank Sohar has received this recognition reflecting the efficiency of the Bank’s operations.

This latest award, was presented to Bank Sohar for the exceptional modification-free rate it consistently maintained throughout the high volume of Great Britain Pounds (GBP) remittances processed during 2014. Careful evaluation of the quality and accuracy of the Bank’s SWIFT payment messages revealed an outstanding 99 per cent modification-free rate for remittances directly to beneficiary account.

Commenting on receiving this award, Mr. Rashad Ali Al Musafir, Acting CEO of Bank Sohar said: “Innovation and excellence have always been the hallmarks of Bank Sohar’s success. In line with this ideology, we always look forward towards introducing increasingly automated error-free transactions. Such advancements translate into faster remittances and settlements for our valued clientele, and practically eliminate the need to send time consuming inquiries on the transfer status of payments made. Doing so will help further improve customer service and the exceptional STP results as well as reinforces our position as one of the best STP Banks in the Sultanate.”

Bank Sohar has in a very short period of time grown into one of the leading banks in the country. It has also been seen as a highly competitive bank with a reputation for conceptualising innovative new ideas and seeing them introduced to the market in order to better serve its clients. In fact, Bank Sohar was one amongst a select group of different international and local banks to have received this award.

On receiving the award, Mr. Khalfan Rashid Al Taley, DGM and Head of Operations at Bank Sohar commented, “We are delighted to be recognised by a credible international financial institution as Standard Chartered Bank. Receiving this award for the second consecutive year is clearly representative of the exceptional and unique quality in the delivery of international payments and transfers carried out by the Bank as well as the capability and dedication of staff towards achieving the highest possible STP rates and ensuring the Bank’s operational excellence mirrors the expectations of our clients. We at Bank Sohar are proud of our dedicated staff members who are committed to Excel.”

The award marks the third award recognition for the Bank in 2015, having won the ‘Best Banking Performance’ Award at the fourth edition of the Al Roya Economic Award and the ‘Golden Order of Merit in the field of CSR’ Award from UAE based Excellence Awards Academy earlier this year. In addition to these awards Bank Sohar also received in total 21 local, regional and international awards in 2014; with acknowledgements varying from financial excellence and growth to its unique products.