BBK has been awarded the 2017 Elite Quality Recognition award by JP Morgan Chase, in recognition of the Bank’s outstanding performance of achievements in best in class MT103 Straight Through Processing (STP) Rate 98.86%. This is the eighth consecutive year that BBK has qualified for The JP Morgan Quality Recognition award and with Elite status since 2014.
Mr. Ali Moosa, , Managing Director – Region Executive for MENAT, presented the award to Dr. A.Rahman Saif, Deputy Chief Executive- Wholesale Banking Group, and Mr. Rashad Akbari, Assistant General Manager of Operations at BBK Head Office on October 5th.
STP is the automated process of payments without manual intervention which increases processing speed, minimises routing errors, lowers operations and transaction costs while resulting in efficient, rapid payment execution and credit for the bank and the customers it serves. This award is presented to leading financial institutions which have state-of-the-art STP electronic payment services and meet JP Morgan’s stringent processing accuracy criteria. This year, less than 1% of JP Morgan’s total funds transfer clients qualified for this award.