KuwaitPR.com, Online Press Release from Kuwait
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Burgan Bank Wins Elite J.P. Morgan Quality Recognition Award for 2018
Burgan Bank Wins Elite J.P. Morgan Quality Recognition Award for 2018

The only Bank in Kuwait to have won the Award for the period from 2001-2018 consecutively

Kuwait- 11 February 2019: Burgan Bank recently received the coveted ‘Quality Recognition Award’ for the year 2018 from J.P.Morgan Chase, in recognition of its consistently high quality performance. The award highlights the bank’s advanced standards maintained in the complete range of clients’ US Dollar funds transfer operations by the management and staff. 

J. P. Morgan Chase commends the bank for achieving 99.58 percent straight-through processing (STP) in the MT103 category and 99.77 percent for the MT202 category of payments, thus, entitling Burgan Bank to the ‘Elite Quality Recognition Award’ in both categories. Highlighting the best-in-class straight-through processing (STP) rates, Burgan Bank was among the few banks across the MENA region to receive the Elite level of the award for both its customer and bank to bank transfers.

Upon the methodology and mechanism, the 2018 Quality Recognition Awards are divided into two groups, within which each award is presented to those who exemplify to optimal level of performance. The MT103 awards are based on a minimum of 10,000 US Dollar MT103 debit transactions wherein the Quality Recognition Award applies from 90% to 98.9% Straight Through Rates while the Elite Quality Recognition Award is applied for 99.0% and higher Straight Through Rates. The MT202 awards are based on a minimum of 8,000 US Dollar MT202 debit transactions, which constitutes the Quality Recognition Award from 98% to 99.69% Straight Through Rates followed by the Elite Quality Recognition Award that is 99.7% Straight Through Rate and higher.

Commenting on the bank’s accomplishment, Mr. Venkat Menon – Group Chief Operations and Technology Officer, Burgan Bank - said:  “As the only Bank in Kuwait to have won the J.P. Morgan Chase Quality Recognition Award for the period from 2001-2018 consecutively, we are proud of the legacy once again that comes with us achieving one of the highest STP rates for the USD dollar transfers ensuring premium quality, efficiency and reliability, which indicate the leading role Burgan bank plays in this domain.”

 Mr. Sherif Abdelsalam – Executive Director, Treasury Services, and Head of GCC Financial Institutions Coverage added that Burgan Bank is once again amongst the less than 1% of their total funds transfer clients qualifying for this prestigious accolade. The J.P. Morgan Chase awards reflect Burgan Bank’s commitment to ensuring systematic outstanding financial services and solutions that cater to their customers’ requirements.

J.P. Morgan Chase has been supporting the industry by awarding selected US dollar clearing clients since 1997, who have managed to successfully achieve a first rate level of operational excellence and exemplary straight-through results by properly formatting their SWIFT payments.

J.P. Morgan Chase & Co. is an American multinational investment bank and financial services company headquartered in New York City.  They are the #1 U.S. dollar treasury and commercial clearer globally, the #1 Tokyo dollar clearer, and the #3 Euro clearer. They provide robust capabilities and solutions designed to meet treasury, settlement, risk management, commercial and trade business requirements.

Posted by : Kuwait PR Network Editorial Team
Viewed 2662 times
PR Category : Banking & Investments
Posted on : Monday, February 11, 2019  3:52:00 PM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
Cerruti 1881' [22156-Views]
Let Your Style Roar [17683-Views]
Ink Your Lips This Summer With Artist Rouge Ink, Make Up for Ever's New Airlightlip Color [16941-Views]
Festival of Speed Celebrates Aston Martin's Racing History [14448-Views]
Ralph Lauren Presented with an Honorary UK Knighthood [12521-Views]
Sports Collection - Autumn Winter 2019 [12255-Views]
Aston Martin Valkyrie Wows Crowds on Public Debut at Silverstone [10840-Views]
Ralph Lauren at The Championships, Wimbledon – Sunday 14th July [10652-Views]
Versus Mouffetard [10201-Views]
Siemens to supply power equipment and services for 840 MW power plant in Iraq [9787-Views]
The inauguration of codeshare flights between Kuwait and Istanbul-Sabiha Gökçen Airports. [6310-Views]
Joyalukkas Exchange opens branches in 3 new locations in Kuwait [5806-Views]
The World's Richest Horse Race to run in Saudi Arabia [4854-Views]
Star Alliance members, Turkish Airlines and LOT Polish Airlines expanded their codeshare network. [4670-Views]
dnata's DUBZ checks in passengers for flights in The Dubai Mall [4490-Views]
Turkish Airlines added Republic of Congo's Pointe-Noire to its flight network. [4100-Views]
Nissan Al Babtain Employees Return Home as Proud Winners of Nissan Regional Skills Awards Contests 2... [4088-Views]
Inventive, Futuristic and Daring Translucent is a Distinguished Milestone for Police. [3829-Views]
Peugeot marks its Golden Jubilee in Kuwait [3206-Views]
Nissan Patrol V8 for Only Kd 15,999 Continues This Summer! [3161-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories