BBK wins STP award from JP Morgan
Manama, November 18, 2013
Bahrain-based BBK said it has won the 2013 Quality Recognition award from JP Morgan for achieving a very high 'straight-through-processing' (STP) rate for funds transfers.
STP is the automated process of payments which increases processing speed, minimises routing errors, lowers operations and transaction costs while resulting in efficient, rapid payment execution and credit for the bank and the customers it serves.
This is the fourth consecutive year that BBK has won the award, reported the Gulf Daily News, our sister publication.
BBK assistant general manager in operations division Rashad Akbari received the award from JP Morgan Chase managing director and senior country officer Ali Moosa.
This award is presented to leading financial institutions which have state-of-the-art STP electronic payment services and meet JP Morgan's stringent processing accuracy criteria.
This year, less than one per cent of JP Morgan's total funds transfer clients qualified for the award.-TradeArabia New Service