Doha, 25 October 2009 – Qatar National Bank (QNB) was awarded the J.P. Morgan Quality Recognition Award for the quality of its US Dollar funds transfers in 2008.
The award is an acknowledgement of QNB’s ability to consistently deliver best-in-class Straight-Through-Processing (STP) of US Dollar transactions to its customers through the efficient formatting of their SWIFT payments.
This recognition illustrates QNB’s leading role amongst Qatari and international financial institutions, especially in today’s challenging global financial environment.
According to a J.P. Morgan statement, less than one percent of its total funds transfer clients are able to meet the criteria needed for the awards, which are presented to select US Dollar clearing clients who achieve STP rates of between 90% and 99% consistently over a year based on a minimum of 10,000 single payment consumer credit transfers and 8,000 single payment bank-to-bank transactions during a calendar year year.
This award is also testament to QNB’s funds transfer management system and further enhances the bank’s growing global reputation. In June 2009, QNB was also recognised with the Euro STP Excellence Award for 2008 from Deutsche Bank, which the bank was awarded for the second consecutive year.
QNB is one of a few institutions in the region, and the first Bank in Qatar, to receive STP excellence awards for both Euro and US Dollar transactions.
STP automates the end-to-end processing of payments using a system that electronically captures and processes them in one pass, from the point of the first deal to final settlement.
Using STP systems reduces operating costs and ensures accuracy and greatly shortened transaction periods, which benefits banks such as QNB, as well as its international trading partners and customers.