- GLOBAL BUSINESS
MauBank has been conferred two Quality Recognition Awards for Outstanding Achievement from JP Morgan Chase USA for Straight through Processing (STP) on Swift Messages MT103 & MT202 respectively.
The trophies were presented to Mr Premchand Mungar Chief Executive of MauBank by Mrs. Preashnie Padayachee, Executive Director – Head Treasury Services Sub Saharan Africa of JP Morgan, at our Head Office in the presence of members of the Operations Team.
STP (Straight-Through Processing) is the automated process of payments without manual intervention which increases processing speed, minimizes routing errors, lowers operation and transaction costs while resulting in efficient, rapid payment execution and credit to the bank and the customers it serves.
This award is given to leading financial institutions which have state-of-the-art STP electronic payment services and meet JP Morgan’s stringent processing accuracy criteria. The MT202 STP Award is based on the number of electronic transactions requested and the ratio of international electronic payment execution meeting JP Morgan’s standards, with the ratio set at 80 percent for banks around the world and 90 percent for banks in Asia. In the case of MauBank, 99.93 percent success rate has been achieved.
The bank’s Trade Operations department processes 8000 MT 103 and 3000 MT 202 Swift Messages per year, and having formatted all swift messages as per JP Morgan Chase’s operative requirements on Swift System has been a contributing factor to this achievement.
JP Morgan is MauBank’s Clearing Correspondent in USA for USD, in UK for GBP, in Australia for AUD & in Hong Kong in HKD and shares relationship with the bank since 2009. It is our largest foreign partner on correspondent banking.
14 November 2019
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