ADIB wins J.P.Morgan award for efficient electronic payments
Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, has been awarded with J.P.Morgan's Quality Recognition Award for 2015 for its fast, accurate and reliable execution of payments for customers.
The 'J.P.Morgan Quality Recognition Award' is divided into two groups, each designated by a SWIFT message type (MT) and features two categories namely 'Quality Recognition Award' and the second 'Elite Quality Recognition Award', which is given to institutions that demonstrate the highest level of performance. ADIB received this award in recognition for achieving a Straight Through Processing ("STP") rate of 97.89%.
Commenting on the award, Sagheer Mufti, Chief Operating Officer of ADIB said: "Our top priority is providing the highest level of customer service and Straight Through Processing is critical, as it ensures fast, accurate and reliable execution of payment instructions for our customers and also reduces costs for the bank. Our constant efforts to invest in technology and people have enabled us to provide our individual and institutional customers with exceptional payment services. At ADIB, we ensure that our staff are up to date with the latest banking techniques using the latest technology in line with STP requirements. Our team deserves praise for its performance in achieving such results and serving our customers so efficiently."
According to J.P.Morgan, less than 2 % of its total 'funds transfer' clients qualified for a 'Quality Recognition Award' in 2015 – highlighting ADIB's phenomenal success in meeting J.P.Morgan's stringent STP performance standards.
ADIB has also been recognized on its efficient electronic payments system and STP rate by Citibank and Commerzbank. ADIB is among the fastest growing Islamic banks in the region and has won several industry awards including the Best Islamic bank in the world by IFN Magazine, Best Islamic Bank in the UAE by Global Finance Magazine and Best Islamic Bank in the Middle East by The Banker Magazine.