Burgan Bank Wins J.P. Morgan Elite Quality Recognition Award for 2024

In line with its mission to deliver an excellent customer experience and lead with innovation, Burgan Bank announced receiving the coveted ‘Elite Quality Recognition Award’ for the year 2024 from J.P. Morgan Chase N.A. in recognition of its consistently high-quality performance. The award acknowledges the Bank’s committed adherence to the highest operational standards across the full range of clients’ USD fund transfers by the management and staff.

Burgan Bank received the award in light of achieving 99.87% straight-through processing (STP) in the MT103 category and 100% in the MT202 category of payments, which entitles the Bank to the ‘Elite Quality Recognition Award’ in both categories. Highlighting the best-in-class STP rates, Burgan Bank was among a few banks across the MENA region to receive the Elite category of the award for both its customer and bank-to-bank transfers.

Commenting on the Bank’s accomplishment, Mr. Mohammad Al Zayed, General Manager – Operations at Burgan Bank, said: “As we have been honored with this prestigious award for achieving a 100% score in STP, this outstanding result reflects our continued commitment to operational excellence, efficiency and innovation in processing transactions seamlessly and accurately. Achieving a perfect score of 100% places Burgan Bank among the top – performing institutions recognized for setting industry benchmarks in automation and service quality. It is a testament to the dedication of our team and our relentless focus on delivering excellence through every step of the transaction process. 

Al Zayed added that by scoring 100% in STP, Burgan Bank sets a new standard of quality service within the Bank and Kuwait’s local banking market; thus, confirming its steadfast adherence to its vision for being the most progressive bank in Kuwait, whilst being driven by its employees, customers, and community to deliver the best-in-class products and services that cater to the customers’ requirements and aspirations.

Divided into two groups, the 2024 Quality Recognition Awards are each designated by a SWIFT message type (MT) within which the awards are presented to those who achieve optimal performance. The MT103 awards are based on a minimum of USD 10,000 MT103 debit transactions, wherein the Quality Recognition Award applies to 90% to 98.9% STP rates. Meanwhile, the Elite Quality Recognition Award applies to 99.0% and higher STP rates. The MT202 awards are based on a minimum of USD 8,000 MT202 debit transactions, which constitutes the Quality Recognition Award from 98% to 99.69% STP rates. This is followed by the Elite Quality Recognition Award, which applies to a 99.7% STP rate and higher.

It is worth noting that Burgan Bank received multiple awards in 2024, underscoring the Bank’s commitment to excellence and its outstanding performance on multiple fronts. These include Global Private Banker MEA Awards’ “Best Private Bank for High-Net-Worth Clients”, “Best Private Bank for Credit”, and “Best Private Bank for Fixed Income Securities” accolades, Euromoney’s “Best Domestic Bank in Kuwait” award, and World Business Outlook’s “Best Digital Bank Turkey” award.