KuwaitPR.com, Online Press Release from Kuwait
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
Burgan Bank Wins J.P. Morgan's ‘Elite Quality Recognition' Award for 2021
 
Burgan Bank Wins J.P. Morgan's ‘Elite Quality Recognition' Award for 2021

The only Bank in Kuwait to have won the Award for the period from 2001-2021 consecutively

 
Mr. Mohammad Najeeb Al-Zanki, Head of Corporate Banking - Assistant General Manager, and Mr. Mohammad Al Zayed, Head of Operations at Burgan Bank receiving the award from J.P. Morgan’s representatives


Kuwait, 2 July 2022
Burgan Bank recently received the coveted ‘Elite Quality Recognition Award’ for the year 2021 from JPMorgan Chase N.A., in recognition of its consistently high-quality performance. The award highlights the Bank’s advanced standards maintained in the complete range of client US Dollar funds transfer operations by both management and staff.

J. P. Morgan Chase commended the Bank for achieving 99.91 percent straight-through processing (STP) in the MT103 category and 99.89 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.

 
 Mr. Masoud M. J. Hayat, Vice Chairman and Group CEO of Burgan Bank Group with Burgan Bank team

It serves to mention that the awarding methodology, employed in J.P. Morgan Chase’s approach to quality recognition, is based on dividing the categories for the year 2021 into two specific groups, each classified according to the optimal performance level exemplified in its STP procedures. Accordingly, The MT103 category pertains to a minimum of USD 10,000 in transfers, where the ‘Quality Recognition’ Award in this category is granted to achieving 90% to 98.9% STP rate. The ‘Elite Quality Recognition’ Award, on the other hand, is granted to those achieving an STP rate of 99.0% or higher. The MT202 award category however pertains to a minimum of USD 8,000 in transfers, nabbing a ‘Quality Recognition’ Award at 98% to 99.69% STP, followed by an Elite Award for 'Quality Recognition' achieving 99.7% STP and above.

Commenting on the Bank’s accomplishment, Mr. Mohammad Al Zayed, Head of Operations, Burgan Bank, said: “As the only Bank in Kuwait to have won the J.P. Morgan Chase Quality Recognition Award consecutively for the period from 2001-2021, we are proud of the legacy that once again comes with us achieving one of the highest STP rates for the USD dollar transfers. This clearly underscores premium quality, efficiency and reliability and indicates the leading role Burgan Bank plays in this domain. Moreover, the J.P. Morgan Chase awards reflect Burgan Bank’s commitment to ensuring systematic outstanding financial services and solutions that cater to our 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 managing their SWIFT transfer procedures.

Posted by : Kuwait PR Network Editorial Team
Viewed 5167 times
PR Category : Banking & Investments
Posted on : Saturday, July 2, 2022  3:35:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of KuwaitPR.com.
Previous Story : Burgan Bank Announces the Winner of the Al-Thuraya Salary Ac...
Next Story : Burgan Bank Welcomes Talents with Disabilities into its Fami...
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
My Summer Story with Pandora [9223-Views]
Disney X Pandora: Born to Stand Out [7462-Views]
LG Releases Preliminary Earnings for Second-Quarter 2022 [4660-Views]
Ogilvy Promotes Elaine Grell to Chief People Officer across EMEA [4198-Views]
Mehmet Tevfik Nane New Chair of the IATA Board [3985-Views]
An Icon in Solid Gold [3929-Views]
Aviation Leaders Assemble in Doha for IATA's 78th AGM [2976-Views]
Travel Recovery Rebuilding Airline Profitability -Resilient Industry Cuts Losses to $9.7 billion [2762-Views]
Wizz Air Abu Dhabi to Expand Its Ever-Growing Network with the Launch of Flights to Kuwait and the M... [2572-Views]
Enjoy New Experiences on the Road with Nissan Patrol NISMO [2455-Views]
World's First True Eco Lash Brand, Eyecha, Announces Further International Expansion into KSA and Ku... [2307-Views]
Nissan Introduces New 9-Speed Automatic Transmission in the Region for Elevated Driving Experience [2022-Views]
Enjoy New Experiences on the Road with Nissan Patrol NISMO [2019-Views]
5 Reasons Why We Love the New the Ultra-thin FullView Smart Band with Long Battery Life, the HUAWEI ... [1469-Views]
HUAWEI Mate Xs 2 Reviewed and Depicted: It's the Ideal Foldable Phone – Ultra-Light, Ultra-Flat and ... [1368-Views]
Harbi Mahmoud Najdi Ahmad Wins KD 4000 in Burgan Bank's Value Account Draw [1364-Views]
The New Fashionable HUAWEI WATCH FIT 2 Blew Our Minds! [1329-Views]
Kuwaiti Luxury Retailer, Trafalgar Luxury Group, Announces Leadership Reshuffle [1223-Views]
Burgan Bank Sponsors KBA's First Padel Tournament [1198-Views]
Burgan Bank Announces Winners of its Summer Power of 22 Campaign [1100-Views]
 
RSS Facebook Twitter LinkedDin KuwaitPR.com on Instagram
 
Top Sections
 
Top Stories