AUB receives JP Morgan honour

JP Morgan Chase has honored Ahli United Bank with its Elite Quality Recognition Award 2018, citing the Bank’s ‘high-quality performance of clients’ funds' transfer operations.

This is the 14th consecutive year AUB has won this award in its Elite class from this global financial institution. Established in 1997, JP Morgan Quality Recognition Awards are conferred on select US dollar clearing institutions which meet stringent criteria for straight-through processing (STP) of international payment and settlement transactions. STP is the ability for a transaction to be completed fully electronically without manual intervention.

For 2018, less than one percent of JP Morgan’s funds transfer clients were able to meet the criteria for the standard Quality Recognition Award class and fewer still qualified for the more stringent Elite rank. AUB has won the Elite award in both categories of transactions, having achieved most outstanding straight through processing (STP) rates of 99.75 percent and 99.87pc for the MT103 and MT202 categories of transactions respectively.