Only Bangladeshi Bank to Retain U.S. Dollar Clearing MT103 and MT202 awards for three consecutive years
BRAC Bank has received the ‘2020 U.S. Dollar Clearing MT103’ and ‘2020 U.S. Dollar Clearing MT202’ Quality Recognition Awards from JPMorgan Chase & Co., an American multinational investment bank and financial services holding company.
JPMorgan, considered as one of the world’s most valuable banks by market capitalization, has been giving away this award globally since 1997. Through this recognition, they acknowledge the consistency and high-quality performance of their clients’ funds transfer operations management. The recognition came to BRAC Bank for achieving the best-in-class Straight Through Processing (STP) payments in both MT103 and MT202 categories.
This is for the third consecutive year that BRAC Bank has received this prestigious recognition.
The 2020 U.S. Dollar Clearing Quality Recognition Awards are divided into two groups, each designated by a SWIFT message type (MT). Within each group, there are awards given to recognize the ultimate level of performance.
The ‘MT 103 Quality Recognition Award’ is given to clients who achieve greater than or equal to 90 per cent STP rate maintaining a minimum threshold of the debit volume of MT 103 transactions in 2019. Whereas the ‘MT 202 Quality Recognition Award” is given to the clients that achieve greater than or equal to 98 per cent STP rate maintaining a minimum threshold of the debit volume of MT 202 transactions in 2019.
BRAC Bank has achieved 97.54 per cent and 99.30 per cent respectively in these categories.
Given the difficulty of the COVID-19 situation across the globe, JPMorgan organized a virtual award-giving ceremony to accolade BRAC Bank with award certificates and crests.
Sabbir Hossain, DMD and Chief Operating Officer of BRAC Bank acknowledged receipt of the crests from Christine Tan, Managing Director, Head of Asia Pacific- Financial Institutions Group of JPMorgan Chase in the digital ceremony. Sazzad Anam, Executive Director and Chief Representative, JP Morgan Bangladesh Office, and other senior officials from BRAC Bank were also present on this occasion.
Commenting on the recognition, BRAC Bank’s Managing Director and CEO, Selim RF Hussain said: “This recognition, for a third consecutive year, speaks of our adeptness in digital banking and process efficiency.
The higher STP rate (above 97 per cent in both categories) correlates to lower operating risks and higher system performance. This also proves that BRAC Bank’s inter-bank and client transactions are carried out with speed and high accuracy”.
STP, one of the most accurate and robust metrics that managers possess when it comes to measuring operational performance, is used by corporations and banks globally. It allows for the entire payment process, from initiation to final settlement, to be free of human intervention. It also reduces the time, cost, and probability of errors in processing.
“We are very proud to receive this prestigious award from JPMorgan. I would like to thank our employees and partners who helped us in reiterating the success and I dedicate this award to their relentless efforts. I would also thank our customers for remaining confident in the bank’s strength and stability,” Hussain added.