Burgan Bank wins elite JP Morgan’s Quality Recognition Award for 2023
KUWAIT: Burgan Bank announced receiving the coveted ‘Quality Recognition Award’ for the year 2023 from JP Morgan Chase N A in recognition of its consistently high-quality performance.
KUWAIT: Burgan Bank receives the coveted ‘Quality Recognition Award’ for the year 2023 from JP Morgan Chase in recognition of its consistently high-quality performance.
The award acknowledges the advanced standards maintained by the bank across the complete range of clients’ US dollar funds transfer operations by the management and staff.
Burgan Bank received the award in light of achieving 99.92 percent straight-through processing (STP) in the MT103 category and 99.99 percent in the MT202 category of payments, which entitles the bank to the ‘Elite Quality Recognition Award’ in both categories. Highlighting the best-in-class STP rates, Burgan was among a few banks across the MENA region to receive the Elite category of the award for both its customer and bank-to-bank transfers.
Commenting on the Bank’s accomplishment, Mohammad Al-Zayed, General Manager – Operations at Burgan Bank, said: “As the only Bank in Kuwait to have won the J P Morgan Chase Quality Recognition Award consecutively during the period 2001-2023, we are proud of the legacy that Burgan continues to build over the years. This prestigious award testifies to the Bank’s commitment to offering premium quality, efficiency, and reliability to its customers and stakeholders, which further cements its leading role in Kuwait’s banking sector.”
Al-Zayed added that the JP Morgan Chase awards reflect Burgan Bank’s steadfast adherence to its new vision for being the most modern and progressive bank in Kuwait, whilst being driven by the bank’s employees, customers, and community to deliver the best-in-class products and services that cater to the customers’ requirements and aspirations. Divided into two groups, the 2023 Quality Recognition Awards are each designated by a SWIFT message type (MT) within which the awards are presented to those who achieve optimal performance. The MT103 awards are based on a minimum of $10,000 MT103 debit transactions, wherein the Quality Recognition Award applies to 90 percent to 98.9 percent STP Rates. Meanwhile, the Elite Quality Recognition Award is applied to 99.0 percent and higher STP Rates. The MT202 awards are based on a minimum of $8,000 MT202 debit transactions, which constitutes the Quality Recognition Award from 98 percent to 99.69 percent STP Rates. This is followed by the Elite Quality Recognition Award, which applies to 99.7 percent STP Rate and higher.
It is worth noting that Burgan received multiple awards in 2023, underscoring the bank’s commitment to excellence and its outstanding performance on multiple fronts. Among these accolades, Burgan Bank was celebrated as the first bank in Kuwait to be a certified Great Place to Work, in addition to receiving the Brandon Hall Human Capital Management (HCM) Excellence Silver Award for its outstanding application in the “Learning and Development – Learning in the Flow of Work” category, as well as the GCC Excellence Award in the Recruitment and Development of Nationals from the Council of Ministers of Labor and Council of Ministers of Social Affairs in the GCC States Executive Bureau.
