MANAMA: Ahli United Bank (AUB), Bahrain’s largest lender, has been awarded the Elite Quality Recognition Award by JP Morgan Chase Bank, for “outstanding performance of its funds transfer and international payment and settlement operations”.
The bank said this was the 12th consecutive yearly Elite class win for it. Established in 1997, JP Morgan Quality Recognition Awards are given to select US dollar clearing institutions which achieve best-in-class level of operational excellence.
On average, less than one per cent of JP Morgan’s funds transfer clients are able to meet the criteria for the standard Quality Recognition Award class and even fewer qualify for the Elite rank.
AUB has won the Elite recognition in both categories of settlements, having achieved straight through processing (STP) rates of 99.54pc and 99.88pc for the MT103 and MT202 categories of payment processing respectively.
AUB deputy group chief executive for operations and technology Shafqat Anwar received the award on behalf of the bank from JP Morgan Chase managing director – region executive for Middle East, Turkey and Africa (Meta) Ali Moosa.
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