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16 Nov 2016

MCB wins J.P. Morgan elite quality award


Port Louis, 16 November 2016: MCB has received the 2016 Elite J.P. Morgan Quality Recognition Award for MT103 category of payments. 

The Elite Quality Recognition Awards are given to institutional clients of J.P. Morgan that demonstrate best-in-class operational efficiency. Less than 1 percent of their clients are able to meet the strict criteria for the awards each year.
“This is truly a reflection of the outstanding work the team at MCB has done collectively to achieve such a prestigious award,” Preashnie Padayachee of J.P. Morgan said. 

The MT103 'Elite' Quality Recognition Award is given only to J.P. Morgan clients achieving a Straight Through Processing (STP) rate greater than 99 percent, with a minimum transaction volume of 10,000 transactions during an assessment year. 
“This award commends the quality of our operational management and places MCB in the highest percentile of global financial institutions to demonstrate treasury and commercial payments efficiency,” Raoul Gufflet, Deputy Chief Executive of MCB, highlighted. 
 
MT103 is a Straight-Through Processing (STP) mechanism that provides financial services providers with tremendous benefits, including greatly shortened processing cycles, reduced settlement risk and lower operating costs. These transactions utilise modern electronic instruction systems such as SWIFT and each numbered Message Type (MT) serves a specific purpose.