Bank of Cyprus receives quality award from JP Morgan

The Bank of Cyprus on Wednesday announced that it recently received the Quality Recognition Award from global finance giant JP Morgan Chase Bank, in recognition of the bank’s excellence in money transfer procedures through the SWIFT system.

The company explained that JP Morgan is one of the correspondent banks with which the Bank of Cyprus cooperates for dollar transactions.

The excellence award was given to the Bank of Cyprus due to the fact that nearly 100 per cent of the payments it processed were automatically approved without the need for any non-automated intervention on the part of JP Morgan.

This is in reference to Straight Through Processing (STP), a type of technology used by banks that allows for automated electronic payment processes.

Moreover, the bank stated that the Quality Recognition Award is the greatest testament to the quality of services and processes of the bank’s relevant departments, as it is awarded to banks with which JP Morgan cooperates and have achieved operational excellence in relation to money transfer processes.

“The provision of quality services to both our customers and partners is the cornerstone of all our efforts,” Bank of Cyprus Treasury Director Despina Kyriakidou said.

“In terms of our cooperation with correspondent banks, we very much prove every day that we are a reliable partner for the largest international banking groups,” she added.

“We will continue to provide excellent quality services and apply the highest international standards of compliance,” Kyriakidou concluded.

Source: cyprus-mail.com

Photo: istockphoto.com