| 
Fully Emiratized division at RAKBANK was awarded the "Funds Transfer" from Bank of New York
The Fully Emiratized operations team from RAKBANK was awarded the "Funds Transfer" award by the Bank of New York for demonstrating high level of accuracy in the Straight Through Processing (STP).
“This award is a source of pride for RAKBANK not only because it reflects the trend setting efficiency in the bank’s operations, but also because it resembles the quality of highly trained and professional UAE nationals the bank attracts.” said Murray Sims, Head of Retail Banking, RAKBANK.
The “Funds Transfer” award is a prestigious award granted by the Bank of New York to a select few financial institutions who demonstrate and maintain a high level of STP rates in payment processing compared to the payment volumes.
"Our STP rate has leaped from 72% in 2002 to over 94% in 2005 despite the increase in volumes to over 100% during the past 3 years. Being one of only 2 banks to win the award in the UAE, and one of four in the GCC; we are honored by this award and I congratulate our national funds transfer team on an excellent job well done" elaborated Graham Honeybill, General Manager, RAKBANK.
An award ceremony was held at RAKBANK’s Center in Dubai, and was attended by Mr. John Mohr, Executive Vice President of the Bank of New York who is an industry figure in the areas of payment and operations and the former head of CHIPS.
"This award we hope, will be a testimony of our pride in being RAKBANK's USD clearing correspondent" said John Mohr, Executive Vice President of the Bank of New York.
RAKBANK is the National Bank of Ras Al-Khaimah. It was founded in the emirate of Ras Al-Khaimah on June 15th, 1976. Over the ensuing years the bank has grown and flourished and now has a significant retail banking business throughout the UAE.
The bank continues to expand the base of its groundbreaking products and services through a young team of business innovators setting new standards in the banking industry within the region. RAKBANK…Simply better!
