JP Morgan Chase Bank has bestowed on Bank of Cyprus the Quality Recognition Award, in recognition of high-quality funds transfers via the SWIFT system.

JP Morgan is one of the correspondent banks with whom Bank of Cyprus works for dollar transactions. The award was bestowed on Bank of Cyprus in recognition of the fact that nearly 100% of approved payments were Straight Through Processing, without the need for any non-automated intervention on the part of JP Morgan.

The Quality Recognition Award confirms the high quality of services and processes deployed by the Bank's relevant departments. The award is bestowed on banks that work with JP Morgan and have achieved operational excellence in relation to funds transfer processes.

Commenting on this, Bank of Cyprus Treasury Director Despina Kyriakidou said: "Providing quality services to customers and partners alike is the cornerstone of all our efforts. Particularly when it comes to working with correspondent banks, on a daily basis, we demonstrate that we are a reliable partner to the largest banking groups around the world. We will continue to provide top-notch services while implementing the highest international compliance standards."