BBK has been awarded the 2013 Quality Recognition award by JP Morgan Chase, in recognition of the Bank’s outstanding performance in achieving a very high Straight-Through-Processing (STP) rate for funds transfers. This is the fourth consecutive year that BBK has qualified for this award.
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.
Mr. Ali Moosa, Managing Director and Senior Country Officer, presented the award to Mr. Rashad Akbari, Assistant General Manager, Operations Division at BBK Head Office on November 6th.