Qatar National Bank recently received a 2015 J.P. Morgan Elite Quality Recognition Award for its processing of two types of credit transfers.
The awards are given to the highest functioning J.P. Morgan clients in a particular class or category. They are earned by less than 1 percent of clients, most of whom do not meet the 99 percent or higher Straight Through Processing rating across at least 10,000 transactions.
Straight Through Processing is a new effort being undertaken by banks to streamline processing time for transfers by allowing some information entered electronically by one party to be automatically transferred.
QNB earned near perfect scores of 99.8 percent for MT202-type STP payments and of 99.24 percent for MT103-type STP payments.
Qatar National Bank was the first Qatari-owned commercial bank and now controls nearly half of the Middle East's banking assets. The bank posted 2015 profits of $3.1 billion. QNB is part of the QNB Group, which maintains a network of 635 locations in 27 countries on three continents, operated by 15,200 employees.