JPMorgan Chase Recognizes Bancolombia for Excellence in Straight Through Processing

U.S. financial giant JPMorgan Chase recently recognized Bancolombia (NYSE:CIB) with an “Elite Quality Recognition Award” in the category of “straight through processing” (STP), an honor handed out to institutions that have excelled in facilitating transactions.

The distinction granted by the New York-based financial firm acknowledges that Colombia’s largest bank, during a period dating back to 2016, has achieved at least a 99% rate in its straight through processing efforts to optimize transaction speeds.

The Medellín-based Bancolombia’s abilitity to hit this level was authorized by Daniel Stiefken, chief financial officer at JPMorgan Chase, and Nicolas Ferro, regional treasury services executive at the U.S. bank.

“This recognition ratifies Bancolombia’s commitment to operational excellence and motivates us to continue to do things well, taking care of details and being impeccable in our processes,” said Jorge Iván Otalvaro, Bancolombia’s vice president of client services.