11 October 2012
Bank of Maldives wins JPMorgan Elite Award
Bank of Maldives has been awarded the 'Elite Quality Recognition Award 2011' by JPMorgan Chase Bank, in recognition of the Bank’s outstanding performance in international money transfers.
The Elite Quality Recognition Awards are given to institutional clients of JPMorgan that demonstrate best-in-class operational efficiency. A few international institutional clientele are able to meet the strict criteria that makes them eligible for the awards each year.
The Elite award is given for achieving over 99% straight-through processing (STP) on payments between banks, which includes money transfers and account settlements between correspondent banks around the world.
Bank of Maldives qualified for the Elite, having achieved straight through processing 'STP' rate of 99.2% for money transfers over a period of five years. This achievement is, regionally and internationally, among the highest rates in the industry. These transitions were done in the form of Telegraphic Transfers (TT).
Peter Horton, Managing Director and CEO of Bank of Maldives said, “We are thrilled by this achievement and it demonstrate our team’s ability to provide world class service. In international money transfer service, we are a truly world-class bank and our focus is on improving all services to make BML truly world-class. “