ahlibank has been awarded JP Morgan Chase ‘Elite Quality Recognition Award 2021’ for maintaining an outstanding 99.9% modification-free rate for the Bank’s remittance in USD.

The award was received by Mohammed Abdul Qadir Al Balushi, AGM- Head of Treasury, ahlibank; at a ceremony held at the Bank’s head office.

This prestigious recognition is a validation of ahlibank’s commitment to ensure absolute accuracy and efficiency while handling electronic fund transactions and commercial payments.

Commenting on winning the award, Mohammed Abdul Qadir Al Balushi, said: “We are honored and privileged to receive this recognition from JP Morgan Chase Bank. It is an acknowledgment of our constant endeavor to excel; it highlights the innovative measures we adopt to push the envelope when it comes to serving our clients and associates. Such recognition, from a top banking and financial institution, will further leverage our prospects in the local and regional market and bolster our drive to reach newer success paradigms.”

JP Morgan Chase Bank is a wholly-owned subsidiary of JP Morgan Chase and Company, a global financial services provider that offers investment banking, asset management, treasury and other services. It has been honoring institutions and corporate entities with quality recognition awards; through its STP initiative award, it recognizes correspondent banks that have achieved operational excellence in electronic fund transfers and commercial payments.

Congratulating ahlibank on its new achievement, Nawaf Y. Humood, Executive Director, Public Sector Coverage – MENA & Treasury Services, at JP Morgan, stated: “ahlibank’s 99.9% modification-free rate in dollar-denominated fund transfers is a proof of its excellence in electronic transactions.

“At JP Morgan Chase, we maintain uncompromising standards of quality to ensure accuracy in fund transfers, and ahlibank met every criterion and even exceeded the set parameters to qualify for the award. Their expertise in ensuring absolute zero error for remittances is proof of their commitment to meet global standards of quality.”

ahlibank has enhanced its electronic fund transfer operations to ensure thorough professionalism in handling financial transactions. Its customer-centric approach to every banking operation continues to define its vision and mission. Innovative products and services have spearheaded its drive to attain digital transformation and establish an enviable platform for customers to enjoy technologically advanced services.

JP Morgan has, since 1997, been presenting awards to recognise the operational excellence of high-performing clients and employees and reward their outstanding efforts in achieving the best Straight-Through Processing system. STP is a mechanism that automates the end-to-end processing of financial transactions.