BankMuscat, the nation’s premier financial institution, has won the JPMorgan Chase Quality Recognition Award for its outstanding performance and long-term commitment to quality in the area of fund transfer.

It was a very special award because less than one per cent of JPMorgan fund transfer clients were able to qualify for this award, said an official spokesman.

“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 seventh time, is undoubtedly testimony to this and the unwavering commitment of our people to the high standards we believe in,” said CEO, BankMuscat, AbdulRazak Ali Issa.

The Quality Recognition award is presented to JPMorgan Chase clients who have achieved straight through rates in the area of funds transfer between 90 per cent and 98.9 per cent and relates to MT 103 transfers (which are customer related payments) that have been made by 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 99 per cent of all fund transfer requests made by the various departments of the bank. The global trade services department handles the remaining requests. The systems and 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. The new JPMorgan Chase & Co. 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 US 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. – TradeArabia News Service