MANAMA: Ahli United Bank (AUB), Bahrain’s largest lender, has received the Elite Quality Recognition Award 2017 from JP Morgan Chase Bank, for its best-in-class processing of international payment and settlement transactions.
This is the 13th consecutive year AUB has won this award in the elite class.
Established in 1997, JP Morgan Elite Quality Awards recognise banks that achieve a straight-through processing (STP) rate of more than 99 per cent of transactions.
STP is the ability for a transaction to be completed electronically without manual intervention.
These awards are divided into two categories, each designated by a SWIFT message type (MT). For each category, there is a designated Elite class which recognises the ultimate level of operational excellence.
On average, fewer than 1pc of JP Morgan’s funds transfer clients are able to meet the criteria for the standard Quality Recognition Award class and even fewer still qualify for the Elite rank.
AUB has won the Elite recognition in both categories of settlements, having achieved STP rates of 99.69pc for the MT103 and 99.93pc for the MT202 categories respectively.