OAB Wins the BNY Mellon Award for Excellence in STP of Payments

Oman Arab Bank (OAB) has received the 2024 Excellence Award in Straight-Through Processing (STP) from the Bank of New York Mellon Corporation (BNY), a global financial service company. This achievement reaffirms OAB’s position as a leading financial institution driving the evolution of Oman’s banking sector.

This award reflects OAB’s commitment to enhancing customer service, achieving accuracy and efficiency in treasury and clients payments and high STP rates in customer payments.

The BNY Award adds to OAB’s impressive track record, highlighting its strategic vision to maintain a leading position in Oman’s banking market and ensure long-term growth through a comprehensive shift towards digitalization and automation of all services. Winning this award underscores OAB’s dedication to investing in its human resources and expanding its use of advanced financial technologies, such as straight-through processing, which enables real-time, precise, and secure transaction automation.

Commenting on this achievement, Sulaiman Al Harthi, CEO of OAB, expressed his delight, noting that it marks another milestone in the bank’s journey of excellence. He stated: “Our long-term growth strategy is proving highly effective in advancing the technological infrastructure of OAB’s banking services and in preparing our team to meet the highest global standards, ensuring the efficiency of the services we provide to our clients. We also recognize the significant role that modern payment systems play in enhancing financial and economic stability in Oman.”

Al Harthi added, “We take great pride in OAB’s ability to keep pace with the continuous advancements in the financial sector by providing services that meet the highest standards of accuracy, efficiency, speed, and security. As we celebrate this new achievement, we greatly value the wise directives of His Majesty Sultan Haitham bin Tariq, who emphasized the importance of the financial sector as a cornerstone of modern economies during his meeting with business leaders.

At OAB, we are committed to translating these royal directives into action, supporting the sector’s growth, and enhancing its ability to keep up with the evolving global financial services landscape. Our aim is to contribute to the success of Oman Vision 2040 and to strengthen Oman’s financial and economic stability. We also express our deep appreciation for the initiatives led by the Central Bank of Oman and other authorities to promote innovation and digital transformation in the financial sector.”

Asma Al Zadjali, Chief of Banking Operations at OAB, added: “To reinforce its leading position in the banking market, OAB has always been committed to enhancing its customer services by expanding digitalization and integrating modern technologies across all its banking services.

Winning this prestigious award from BNY is a testament to the high efficiency of OAB’s team and the continuous development in automating and digitalizing services to meet our clients’ needs and expectations. We are proud of this award, which acknowledges the extensive and ongoing advancements in payment operations conducted by the bank, enabling fast, accurate, and reliable processing.”