AAIB Receives International Quality Recognition Awards

AAIB won the JP Morgan Chase 2008 Quality Recognition Award for US$ Clearing for both Commercial and Financial Institutions Payments in recognition of its outstanding high-quality performance and commitment to quality in the area of fund transfer.

Delighted with the achievement, Mr. Mohsen Rashad, Head of Financial Institutions & Correspondent Banking, said : 'With a solid track record of award winning products and services, AAIB aspires to become one of the leading financial institutions in the region with a reputation for high level quality. This award is recognition of our persistent efforts to create value for all our stakeholders while constantly achieving sizeable growth and profitability'.

'Winning this prestigious award is testimony of our insistence on high standards of quality, accuracy alongside with transparency, integrity and strict compliance with government regulations in everything we do. Whether it is our products, services or internal policies, AAIB always strives to achieve and sustain the highest level of quality and satisfaction, having met the stringent criteria for the MT 103 (90%-98.9% Accuracy Level) Quality Recognition Award and the MT 202 (98% -99.96% Accuracy Level) Quality Recognition Award'.

The award was presented to Mr. Mohsen Rashad by Mr. Alexandar Caviezel, Managing Director EMEA Regional Executives at JP Morgan Chase, on Monday 8th of June. Mr. Alexandar had stated that AAIB is the first bank in Egypt to receive both awards in commercial payments MT 103 and Financial Institutions Payment MT 202. Latter award has never been granted in Egypt where no bank reached the very high level of accuracy required for this specific award.

In conformity to such international recognition AAIB has won a similar award in Euro Clearing by Commerzbank AG (Our main euro clearing correspondent) in recognition to excellent quality of both commercial and financial SWIFT payment processing for 2008 namely STP Award for Excellent Quality in Commercial and Financial transfers.

The eligibility to said award for SWIFT Commercial Payment is reaching/exceeding percentage of full automation of 80% and for SWIFT Financial Payment reaching/exceeding 90% fully automated Straight Through Processing.

It is also worth mentioning that persistent enhancement is provable for 2009 in both categories where SWIFT Financial Payment for Q1 2009 has an unprecedented level of accuracy reaching 97.73%