National Bank of Oman Recognised by Wells Fargo for Payments Excellence

National Bank of Oman (NBO), the leading financial services provider in the Sultanate, has been awarded by Wells Fargo for its operational excellence in the field of dollar payments processing. The bank won the Straight-Through-Processing (STP) award for outstanding performance in dollar-denominated fund transfers, which recognised its exceptional quality of SWIFT messages on dollar payments and maintaining an outstanding error-free rate for remittances. The award was based on evaluation of the quality and accuracy of SWIFT payment messages routed through Wells Fargo, which was as high as 98.23%.

“Straight-through processing has changed the way we are able to pay and receive money, making it faster and more efficient, reducing the number of steps and errors of payments, and leading to an overall improved experience for our customers,” said Hamood Al Sawai, Deputy Head of Operations at NBO. “We’re grateful to Wells Fargo for this award. As part of our on-going commitment to operational excellence, we will continue to strengthen our relationships with our global partners with the aim of being the bank of choice to customers across Oman.”

NBO partners with Wells Fargo and other such institutions for the provision of fully automated US dollar fund transfer platforms through which foreign transactions can be processed electronically. During the year 2019, the bank’s Central Operations and Trade Finance departments, routed all dollar denominated remittances through Wells Fargo. As it moves increasingly towards digital platforms, the award from Wells Fargo is a testament to NBO’s efforts to boosting its operational service levels while catering to the ever-evolving needs of its expanding customer base.