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KFH Bahrain receives STP Award from J.P. Morgan

March 2, 2021
islamic finance

Kuwait Finance House – Bahrain (KFH-Bahrain) was awarded the J.P. Morgan “Quality Recognition Award” and “Elite Quality Recognition Award” 2020, for the Bank’s exemplary performance in individual and financial institutions money transfers. The STP award recognizes leading financial institutions that have successfully adopted technologically-advanced e-services, in line with J.P. Morgan’s standards for operational excellence.

The award comes following a number of initiatives implemented by KFH- Bahrain to ensure high-quality performance in adopting the Straight-Through Processing (STP), in compliance with J.P. Morgan’s standards. It is worth noting that less than 1% of its total funds transfer clients qualified for a J.P. Morgan STP Award in 2020, which further highlights KFH-Bahrain’s exceptional success in meeting the J.P. Morgan rigorous criteria.

On this occasion, Mr. Ali Moosa, Chief Executive Officer at J.P. Morgan Chase Bank said: “I would like to congratulate KFH-Bahrain for this remarkable achievement, and we look forward to continuing our collaboration with the Bank to ensure consistency and further elevate quality standards in the industry. We are delighted to announce KFH-Bahrain as the winner of this prestigious award, verifying its ongoing commitment to the highest working standards.”

Mr. Abdulhakeem Alkhayyat, Managing Director and Chief Executive Officer at Kuwait Finance House – Bahrain said: “We take great pride in this achievement which reflects the Bank’s continued efforts to cultivate collaboration with all our partners and elevate the quality of our services. KFH-Bahrain’s achievement of this prestigious award motivates us to strive towards attaining more excellence, as well as maintaining the superb quality of electronic payment transactions.”

Further commenting on this award, Mr. Mohammed Fahmi Hamad, Executive Manager and Head of Operations, IT and Corporate Communications said: “We are delighted to have won this prestigious international award, which comes in recognition of the Bank’s outstanding performance. This award further underscores our commitment towards providing services whilst ensuring highest levels of quality and accuracy.”

The J.P. Morgan Award consists of two groups, each designated by a SWIFT message type (MT); the “Quality Recognition Award” and the “Elite Quality Recognition Award”, which is granted to institutions adopting the highest levels of performance and efficiency practices.

Since 1997, J.P. Morgan has presented awards to recognize operational excellence of high-performing clients and employees, as well as reward their outstanding efforts in achieving the best Straight-Through Processing (STP).