Al Salam Bank – Bahrain (Al Salam Bank) has received the J.P. Morgan 2020 STP Recognition Award in the ‘Elite Quality Recognition’ category, as a result of the Bank’s demonstrated success in achieving operational efficiency, exceptional performance in funds transfers, and best-in-class Straight Through Processing (STP) rates.
According to J.P. Morgan, which have stringent STP performance standards for the Awards, 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 the Kingdom of Bahrain and the wider MENA region.
The award was presented to the Al Salam Bank – Bahrain Group Chief Executive Officer, Rafik Nayed by the Vice Chairman of Wholesale Payments & Senior Country Officer at J.P. Morgan, Mr. Ali Moosa.
Commenting on the Bank’s latest accomplishment, Rafik Nayed, Group CEO of Al Salam Bank – Bahrain, stated, “We are proud to have received the highly coveted J.P. 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.”