Burgan Bank Wins J.P. Morgan’s ‘Elite Quality Recognition’ Award for 2021

Burgan Bank recently received the coveted ‘Elite Quality Recognition Award’ for the year 2021 from JPMorgan Chase N.A., in recognition of its consistently high-quality performance. The award highlights the Bank’s advanced standards maintained in the complete range of client US Dollar funds transfer operations by both management and staff.

J. P. Morgan Chase commended the Bank for achieving 99.91 percent straight-through processing (STP) in the MT103 category and 99.89 percent for the MT202 category of payments, thus, entitling Burgan Bank to the ‘Elite Quality Recognition Award’ in both categories. Highlighting the best-in-class straight-through processing (STP) rates, Burgan Bank was among the few banks across the MENA region to receive the Elite level of the award for both its customer and bank-to-bank transfers.

 Mr. Masoud M. J. Hayat, Vice Chairman and Group CEO of Burgan Bank Group with Burgan Bank team

It serves to mention that the awarding methodology, employed in J.P. Morgan Chase’s approach to quality recognition, is based on dividing the categories for the year 2021 into two specific groups, each classified according to the optimal performance level exemplified in its STP procedures. Accordingly, The MT103 category pertains to a minimum of USD 10,000 in transfers, where the ‘Quality Recognition’ Award in this category is granted to achieving 90% to 98.9% STP rate. The ‘Elite Quality Recognition’ Award, on the other hand, is granted to those achieving an STP rate of 99.0% or higher. The MT202 award category however pertains to a minimum of USD 8,000 in transfers, nabbing a ‘Quality Recognition’ Award at 98% to 99.69% STP, followed by an Elite Award for 'Quality Recognition' achieving 99.7% STP and above.

Commenting on the Bank’s accomplishment, Mr. Mohammad Al Zayed, Head of Operations, Burgan Bank, said: “As the only Bank in Kuwait to have won the J.P. Morgan Chase Quality Recognition Award consecutively for the period from 2001-2021, we are proud of the legacy that once again comes with us achieving one of the highest STP rates for the USD dollar transfers. This clearly underscores premium quality, efficiency and reliability and indicates the leading role Burgan Bank plays in this domain. Moreover, the J.P. Morgan Chase awards reflect Burgan Bank’s commitment to ensuring systematic outstanding financial services and solutions that cater to our customers’ requirements.”

J.P. Morgan Chase has been supporting the industry by awarding selected US dollar clearing clients since 1997, who have managed to successfully achieve a first-rate level of operational excellence and exemplary straight-through results by properly managing their SWIFT transfer procedures.