Dollar Transfers from Iraq: JP Morgan awards TBI
By John Lee.
The Trade Bank of Iraq (TBI) has been awarded the "STP Excellence in Payments and Transfers" award from JP Morgan, recognizing the bank's commitment to efficient and sustainable direct payment practices.
According to a statement from TBI, the award highlights its high efficiency in processing financial transactions, particularly in direct financial transfers of US dollars and euros, achieving a 99.68% MT103 success rate.
According to SWIFT, an MT103 is a standard SWIFT message used for single customer credit transfers. It is generated when a customer of one financial institution instructs that institution to transfer funds to a beneficiary at another financial institution. This message type is commonly used for cross-border payments.
Bank spokesperson Ahmed Saad Al-Khazraji noted that this recognition reflects the bank's ability to handle electronic transactions with minimal manual intervention, reducing errors and operational costs. He said TBI's success places it among a limited number of global banks achieving this level of excellence.
(Sources: Trade Bank of Iraq, SWIFT)
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