KFH Bahrain receives STP Award from JP Morgan | THE DAILY TRIBUNE | KINGDOM OF BAHRAIN

KFH Bahrain receives STP Award from JP Morgan

TDT | Manama

The Daily Tribune –

Kuwait Finance House - Bahrain (KFH-Bahrain) was awarded the J.P. Morgan “Quality Recognition Award” and “Elite Quality Recognition Award” 2020, for the bank’s exemplary performance in individual and financial institutions money transfers.

The STP award recognises leading financial institutions that have successfully adopted technologically-advanced e-services, in line with JP Morgan’s standards for operational excellence.

The award comes following initiatives implemented by KFH- Bahrain to ensure high-quality performance in adopting the Straight-Through Processing (STP), in compliance with J.P. Morgan’s standards.

It is worth noting that less than 1% of its total funds transfer clients qualified for a J.P. Morgan STP Award in 2020, which further highlights KFH-Bahrain’s exceptional success in meeting the J.P. Morgan rigorous criteria.

On this occasion, Ali Moosa, Chief Executive Officer at J.P. Morgan Chase Bank said: “I would like to congratulate KFH-Bahrain for this remarkable achievement, and we look forward to continuing our collaboration with the Bank to ensure consistency and further elevate quality standards in the industry.” Abdulhakeem Alkhayyat, Managing Director and Chief Executive Officer at Kuwait Finance House – Bahrain said: “KFH-Bahrain’s achievement of this prestigious award motivates us to strive towards attaining more excellence, as well as maintaining the superb quality of electronic payment transactions.” Further commenting on this award, Mohammed Fahmi Hamad, Executive Manager and Head of Operations, IT and Corporate Communications said: “This award further underscores our commitment towards providing services whilst ensuring highest levels of quality and accuracy.”

The J.P. Morgan Award consists of two groups, each designated by a SWIFT message type (MT); the “Quality Recognition Award” and the “Elite Quality Recognition Award”, which is granted to institutions adopting the highest levels of performance and efficiency practices.