Sohar International Receives JP Morgan Chase Bank “Quality Recognition Awards” for Swift Fund Transfers

Sohar Bank
Sohar Bank

Muscat: Sohar International, Oman’s fastest-growing bank, has earned the prestigious JP Morgan Chase Bank Global Clearing Quality Recognition Awards (MT103 and MT202). This accolade acknowledges the bank’s high-quality procedures in SWIFT-based fund transfers, with nearly 99.40% of payments processed seamlessly. This recognition underscores Sohar International’s commitment to operational efficiency and technological advancement in electronic payment services for a diverse clientele, including individuals and institutions.

Commenting on this achievement, Mr. Hamood Al Sawai, Chief Operating Officer at Sohar International said, “We are honored to receive the JP Morgan Quality Recognition Award, underscoring our dedication to scaling up growth with excellence. This award confirms Sohar International’s operational excellence and high-quality services, particularly in collaboration with correspondent banks. We remain committed to providing top-notch services while upholding the highest international compliance standards.”

The MT103 and MT202 are Straight-Through Processing (STP) mechanisms that offer significant advantages to financial service providers. These benefits include substantially shortened processing cycles, diminished settlement risk, and decreased operating costs. These transactions make use of contemporary electronic instruction systems like SWIFT, and each numbered Message Type (MT) is designed for a specific purpose.

Since 1997, J.P. Morgan has annually acknowledged the foremost US Dollar clearing clients who exhibit outstanding operational excellence and achieve remarkable STP results in SWIFT payments. Over the years, recipients of this prestigious accolade have demonstrated unmatched transaction-processing quality, resulting in heightened operational efficiencies, accelerated payment timelines, and substantial cost savings.

To attain such a remarkable milestone, Sohar International has remained invested in state-of-the-art automation systems and modern technology platforms that seamlessly integrate with its financial processes. A dedicated workforce that undergoes continuous training and development to maintain a high level of professional competence complements this tactical approach. Adding to its list of accomplishments, Sohar International also earned the JP Morgan Quality Recognition Award for MT202 in 2021, highlighting a best-in-class STP rate of 99.40 percent. Such awards highlight the bank’s outstanding performance and precision in global payment processing, reaffirming its position as one that not only adapts to change but also thrives on innovation. Sohar International continues to set itself apart as a financial institution that not only adapts to change but also drives innovation, ensuring its customers receive unparalleled services in today’s dynamic financial landscape. 

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