Less than 1% of the firm’s clients receive these awards each year
Doha, 24 August 2010 – Qatar National Bank (QNB), the leading financial institution in Qatar and one of the largest in the MENA region, received the Elite J.P. Morgan Quality Recognition Award for excellence in achieving 99% Straight Through Processing (“STP”) on both Commercial and Treasury Payments.
The Elite Quality Recognition Awards are given to institutional clients of J.P. Morgan that demonstrate best-in-class operational efficiency. Less than 1% of their clients are able to meet the strict criteria for the awards each year.
The award ceremony was held at QNB’s headquarters in Doha and attended by Mr. Mohamed Al-Khulaifi, Executive General Manager-Chief Operating Officer of QNB, Mr. Ali Darwish, Assistant General Manager Financial Institutions at QNB, Mr. Ali Moosa, Managing Director and Head of Financial Institutions, J.P. Morgan, MENA in addition to a number of officials from both sides.
JP Morgan commended the quality of QNB’s operational management which places the Bank in the highest percentile of global financial institutions to demonstrate Treasury and Commercial payments efficiency. These include financial institutions from Qatar as well as international banks.
MT103 and MT202 are Straight-Through Processing (STP) mechanisms that provide financial services providers with tremendous benefits, including greatly shortened processing cycles, reduced settlement risk and lower operating costs. These transactions utilize modern electronic instruction systems such as SWIFT and each numbered Message Type (MT) serves a specific purpose.
The MT103 ‘Elite’ Quality Recognition Award is given only to J.P. Morgan clients achieving an STP rate greater than 99.0%, with a minimum transaction volume of 10,000 transactions during an assessment year. The MT202 ‘Elite’ Quality Recognition Award honour clients achieving an STP rate greater than 99.7% over at least 8,000 transactions during the year.