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In a rare feat in Bangladesh banking industry, American financial heavyweight JP Morgan Chase has conferred ‘2021 STP Quality Recognition Award’ in four categories to BRAC Bank.
The bank was garlanded with 2021 STP Quality Recognition Award in recognition of the bank’s operational excellence in Straight-Through-Processing (STP) rate for funds transfers, said a press release.
BRAC Bank was honoured in four different categories this year making it the only local bank to have achieved the quadruple accolade, release said, adding that this came on the heels of earning the award in two categories for four consecutive years.
Sazzad Anam, executive director and head of Bangladesh Representative Office of JP Morgan, handed over the award crest to Md Sabbir Hossain, deputy managing director and chief operating officer of BRAC Bank, at the bank’s head office in Dhaka on November 3.
Commenting on the exclusive recognition, BRAC Bank’s Managing Director and CEO Selim RF Hussain said, "This international recognition for consecutive years manifests our proven ability in operational efficiency. The higher STP rate (above 98 per cent in multiple 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 high speed and accuracy."
Among others, Md Shaheen Iqbal, head of treasury and financial institutions; and Md Muniruzzaman Molla, head of operations of BRAC Bank were present.
The STP Quality Recognition Awards are divided into different groups, each designated by a SWIFT message type (MT). Within each group, there are awards given for US Dollar clearing and other currencies to recognise the ultimate level of performance.
BRAC Bank achieved Elite Quality Recognition Award in US Dollar Clearing for scoring MT202 STP rate of 99.72 per cent whereas Standard Quality Recognition Award was given in both MT103 and MT202 for achieving STP rate of 98.77 per cent and 99.66 per cent respectively. BRAC Bank has also won The 2021 Global Clearing Standard Quality Recognition Award for outstanding achievement of Best-in-Class MT202 STP rate 99.59 per cent.
JP Morgan Chase and Co, an American multinational bank and one of the largest USD clearer in the world, has been conferring this award globally since 1997 to acknowledge the consistent and high-quality performance in automated fund transfer operation (MT103 and MT202).
It allows the entire payment process, from initiation to final settlement, to be free of human intervention reducing time, energy and cost.
