The Trade Bank of Iraq (TBI) has received the STP award for efficient transfers from global financial leader JP Morgan Chase. This award recognizes the bank’s high performance in direct electronic payment processing. It also confirms TBI’s leadership in quick, secure, and cost-effective global financial transfers.
Additionally, TBI achieved an impressive Straight-Through Processing (STP) rate of 99.68% for SWIFT MT103 payments. These are international transfers in US dollars and euros. With this achievement, the STP award for efficient transfers places TBI among the world’s top-performing banks.
Therefore, the STP award measures how well a bank automates its payment systems.It checks whether the system processes transfers without manual steps, which reduces errors and saves time.Faster processing also means lower risk and costs for customers and banks alike.
According to TBI spokesperson Ahmed Al-Khazraji, the award is based on the number of electronic transfers made and the bank’s success rate. TBI met all of JP Morgan Chase’s strict technical standards for secure and efficient payments. This recognition reflects TBI’s deep focus on compliance, speed, and accuracy.
Moreover, TBI’s success is not limited to local performance. With over 387 correspondent banks in 60 countries and 93 cities, TBI handles international banking with ease. This vast network allows the bank to support a wide range of foreign transfers for Iraqi companies and citizens.
Winning the STP award for efficient transfers signals that Iraq’s banking sector is advancing. It shows TBI’s commitment to global standards. Customers can trust that their payments will be processed quickly, safely, and at low cost.
This award not only honors the bank’s technical capabilities but also builds confidence in Iraq’s financial institutions. It opens doors for further partnerships with international banks and helps improve Iraq’s role in global trade.
TBI’s achievement marks a key milestone. As the bank continues to modernize its services, Iraq’s financial future looks brighter. The award proves that with the right systems and goals, Iraqi banks can stand out on the global stage.