QNB gets JP Morgan elite quality award

27/01/2016 08:24 AST

QNB, the leading financial institution in the Middle East and North Africa, received the 2015 Elite JP Morgan Quality Recognition Award for MT103/ MT202 category of payments , with excellent ratings of 99.80 percent for the MT202 and of 99.24 percent for the MT103, respectively.

Abdulla Mubarak Al Khalifa Executive General Manager – Chief Business Officer- received the award on behalf of QNB at the bank’s head office, in attendance of senior management representatives from both sides. The Elite Quality Recognition Awards are given to institutional clients of J P Morgan that demonstrate best-in-class operational efficiency. Less than 1 percent of their clients are able to meet the strict criteria for the awards each year.

JP Morgan commended the quality of QNB’s operational management which places the bank in the highest percentile of global financial institutions to demonstrate treasury and commercial payments efficiency. These include financial institutions from Qatar as well as international banks.

MT103 and MT202 are Straight-Through Processing (STP) mechanisms that provide financial services providers with tremendous benefits, including greatly shortened processing cycles, reduced settlement risk and lower operating costs. These transactions utilise modern electronic instruction systems such as SWIFT and each numbered Message Type (MT) serves a specific purpose.

The MT103 ‘Elite’ Quality Recognition Award is given only to J P Morgan clients achieving an STP rate greater than 99 percent, with a minimum transaction volume of 10,000 transactions during an assessment year. The MT202 ‘Elite’ Quality Recognition Award honour clients achieving an STP rate greater than 99.7 percent over at least 8,000 transactions during the year.

QNB Group’s presence through its subsidiaries and associate companies extends to more than 27 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is more than 15,200 operating through more than 635 locations, with an ATM network of more than 1,390 machines.

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