The only Bank in Kuwait to have won the Award for the period from 2001-2020 consecutively
Kuwait- 20 February 2021: Burgan Bank recently received the coveted ‘Elite Quality Recognition Award’ for the year 2020 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 99.72 percent straight-through processing (STP) in the MT103 category and 99.97 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 2020 Quality Recognition Awards are divided into two groups, each designated by a SWIFT message type (MT) within which the awards are 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 98.99% 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 for achieving greater than or equal to 98.00 % Straight Through Rates followed by the Elite Quality Recognition Award that is for achieving 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 2001-2020 consecutively, we are proud of the efforts of the Processing teams across various Operations departments i.e. International Funds Transfers, Treasury Operations and Customer Trade Services who have worked towards achieving one of the highest STP rates for the USD dollar transfers ensuring premium quality, efficiency and reliability, which have maintained Burgan bank’s leadership and operational excellence. This also ensures that client payments reach their destination in the shortest possible time. “
Mr. Sherif Abdelsalam – Executive Director and Head of GCC & Turkey Financial Institutions Group at J .P.Morgan Bahrain added that Burgan Bank is again amongst the 1% of clients that achieved best-in-class straight-through processing (STP) rates for 2019. This reflects Burgan Bank’s commitment to first class payment processing services catering to its underlying customer base.
Since 1997, J.P. Morgan Chase have given this award to acknowledge the consistent, high-quality performance of their clients’ fund transfer operations management and staff.