Al Ahli Bank of Kuwait Receives J.P. Morgan Elite Quality Recognition Award

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Kuwait City, Apr 21: J.P. Morgan recently honored Al Ahli Bank of Kuwait (ABK) with the esteemed Elite Quality Recognition award for its exceptional performance in processing customer and financial institution transfers in US Dollars (USD) throughout 2023.

Straight-Through Processing (STP) is a bank method for accelerating transactions without manual intervention. This achievement therefore underscores ABK’s continuous pursuit of service and operational enhancement.

This award highlights ABK’s excellent operational efficiency in financial transfers. ABK has achieved an outstanding 98.56% USD Clearing MT103 STP rate, placing it among the few top-performing banks in the Middle East to achieve, as recognized in J.P. Morgan’s evaluation.

Introduced in 1997, J.P. Morgan’s MT103 award category focuses on debit transactions over USD 10,000. The quality recognition is granted to banks with an outstanding rate between 90 to 98.9%, acknowledging their excellence in USD clearing operations and successful STP achievement through SWIFT transaction measurements.

The Bank’s impressive percentage reflects its ongoing enhancement of services aligning with international standards, driven by the continuous progress in its digital transformation plan implementation.

A J.P. Morgan delegate visited ABK’s headquarters to present the award in the presence of Mohammed Al Bloushi, General Manager of Operations at the Bank, and to explore future collaboration enhancing advanced customer services.

On this occasion, Al Bloushi emphasized that winning J.P. Morgan’s award signifies the substantial global trust in ABK. He highlighted, “Achieving top rates in the region for USD clearing customer transactions showcases the Bank’s excellence in customer service, reflecting efforts to enhance customer experience with smooth transactions.”

He credited this success to the Bank’s ongoing investment in advanced banking technologies and enhancing customer solutions. Al Bloushi stated ABK’s focus on developing electronic money transfers following international accuracy and security standards. He highlighted upcoming innovative banking solutions and services aimed at surpassing customer expectations and maintaining their trust.

Al Bloushi explained that the Bank’s success stems from the training, high skills, and expertise of its staff, along with staying updated on banking developments locally, regionally, and globally. He emphasized that this recognition validates the team’s unwavering dedication to consistently strive for operational excellence and deliver exceptional services.”

Nadia Qambar, Vice President, Payments Unit from J.P. Morgan congratulated the Bank on winning the Elite Quality Recognition award stating, “We commend ABK’s dedication to enhancing its performance in processing SWIFT system remittances for the second consecutive year. This has resulted in its recognition as one of the highest-rated institutions in the Middle East for USD transfers. This underscores ABK’s leadership and capability in delivering seamless banking services to a wide range of customers.”

Al Bloushi confirmed that ABK remains committed to enhancing its systems to meet customer demands, boost the Bank’s reliability and efficiency, and reinforce its leading position in the local banking sector.

At the end of his statement, he pledged, “We endeavor to continue to strengthen partnerships with stakeholders to deliver outstanding services and enhance competitiveness in the banking industry.”

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