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Al Salam Bank Bahrain wins JP Morgan quality award 2020

MANAMA, March 7, 2021

Al Salam Bank – Bahrain (Al Salam Bank) said it has been awarded the JP Morgan 2020 STP Recognition Award in the ‘Elite Quality Recognition’ category, for the bank’s demonstrated success in achieving operational efficiency, exceptional performance in funds transfers, and best-in-class Straight Through Processing (STP) rates. 
 
JP Morgan, which has stringent STP performance standards for these awards, said less than 1% of its total funds transfer clients qualified for the Quality Recognition Award in 2020. 
 
Al Salam Bank emerged with an exceptional STP rate of 99.7% for the MT103 message type, an accomplishment which, in the wake of a pandemic, solidifies the bank’s reputation as an agile financial institution and a solid industry player in Bahrain and the wider Mena region.
 
The award was presented to Al Salam Bank - Bahrain Group CEO Rafik Nayed by the Vice Chairman of Wholesale Payments & Senior Country Officer at JP Morgan Ali Moosa.
 
On the latest accomplishment, Nayed said: "We are proud to have received the highly coveted JP Morgan award especially considering not only the strict STP performance and evaluation standards set out by the awarding body, but also the challenging times faced by our industry."
 
"This international award recognizes the tireless commitment of our team in achieving consistent operational and service excellence, and it is very well deserved," he added.-TradeArabia News Service



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