Baghdad  – 
JP Morgan Chase awarded the Trade Bank of Iraq (TBI) the ‘Straight-Through Processing’ (STP) award for its dedication to sustainable direct payment procedures.

This recognition highlights TBI’s dedication to achieving outstanding performance in financial transaction processing, as well as its leading role in Straight-Through Processing (STP) for direct financial transfers in US dollars and euros, according to a statement released by the TBI.

The STP award analyzes the efficiency of automated payment and transfer procedures that do not require operator intervention. It reflects the speed with which transactions are executed, resulting in fewer mistakes and lower costs.

Additionally, the STP award assesses the speed and accuracy of transfers across different foreign banks, leading to increased time savings and lower risks.

According to TBI spokesperson Ahmed Al-Khazraji, this award is granted based on the amount of electronic transactions completed by the bank and the percentage of direct foreign transfers, as well as the level of compliance with JP Morgan Chase’s precise criteria.

This recognition ranks the TBI among an elite group of banks that have been awarded for their direct transfer operations, with STP rates of 99.68 percent for the MT103 category of SWIFT payments.

Iraq’s TBI has a large global network of correspondent banks, totaling more than 387 in 60 countries and 93 cities, allowing it to conduct all banking activities internationally.