Trade Bank of Iraq receives STP recognition from JPMorgan Chase

Baghdad, Iraq, September 15, 2019: Trade Bank of Iraq has won the JPMorgan 2018 Elite Quality Recognition Award being recognised as one of the best ‘Straight Through Processing’ (STP) banks by JPMorgan Chase.

The JPMorgan 2018 Elite Quality Recognition Award was handed over to Faisal Al Haimus, Chairman & President of Trade Bank of Iraq (TBI) by Ali Moosa, Head of Transactional Banking – CEEMEA Region for JPMorgan Chase at a gala dinner held recently in Beirut, Lebanon.

STP is the automated process of payments without manual intervention which increases processing speed, minimises routing errors, lowers operation and transaction costs while resulting in efficient, rapid payment execution and credit to the bank and the customers it serves.

The award is based on the number of electronic transactions requested and the ratio of international electronic payment execution meeting JPMorgan Chase’s stringent processing accuracy criteria and is presented annually to clients of JPMorgan who achieve best-in-class level of operating excellence.

During the assessment year of 2018, TBI was one of the few global units to win the top prize for the quality of operations in straight through processing for the transfer of funds of 99% in the classification MT103.

This award is the recognition of TBI’s inter-bank transactions executed quickly and accurately, saving time and cost and minimising risks.

The bank has invested heavily in essential infrastructure and organisation across its nationwide network to provide the latest banking products, systems and services to customers. TBI has continued to expand its chain of branches and ATMs as well as improving its banking capabilities by extending opening hours and introducing night deposit facilities.

Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, who received the award, said: “We are very proud to receive this outstanding award as it demonstrates our ongoing commitment to keeping the customer at the heart of everything we do.

“This award is a result of our outstanding performance in STP payments and efficiency in processing international transfers that cater to the growing needs of our clients and is clearly an indication of the exceptional delivery of payments and settlements by our bank.”

Ali Moosa, Head of Transactional Banking – CEEMEA Region for JPMorgan Chase said: “Trade Bank of Iraq has won the JPMorgan 2018 Elite Quality Recognition Award as an acknowledgement of its consistent high quality performance and standards of funds transfer operation management.”

A pillar for the national economy, TBI has continuously maximized the Government of Iraq’s equity share through expanding its business locally and internationally. Encouraging and securing foreign investment is one of TBI’s key goals as it promotes the country and its own services as a reliable option for investors.

Faisal Al Haimus added: “The award reiterates the sound success achieved by implementing our strategy, which aims at setting new standards in Iraq’s banking sector through innovation and outstanding performance. I commend the dedication of our employees who have played an important role in achieving this success.”

The bank has won a number of awards this year at Achievements Forum Milan, International Finance Awards, EMEA Finance Awards, Global Finance Magazine Award including ‘Best Trade Finance Bank’, ‘Best Retail Bank’, ‘Best Priority Bank’, ‘Best local Bank and ‘Best Investment Bank in Iraq’ for the Iraqi market.

As TBI moves forward with its strategic plan that will take the bank up to 2021, it continues to play a pivotal and influential role in Iraq’s ongoing recovery and regeneration.

 

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