PLANO, Texas–Catalyst Corporate Federal Credit Union has been named a 2015 Quality Recognition Award winner by JPMorgan for its fast, accurate and reliable execution of international wire transfers.
Less than 1% of JPMorgan’s total funds transfer clients qualified for this award, Catalyst reported.
“Catalyst Corporate’s wire team understands that reliability and efficiency are essential in processing international wires,” said Justin Lutes, Catalyst Corporate’s VP, correspondent services. “This recognition is evidence of our commitment to member credit unions to ensure the process runs smoothly.”
“The award is presented to financial institutions with state-of-the-art electronic payment services that meet JPMorgan’s stringent straight-through-processing (STP) accuracy criteria,” Catalyst added. “STP is the automated process of payments without manual intervention, which increases processing speed, minimizes routing errors, and lowers operational and transaction costs, resulting in efficient, rapid payment execution and credit for Catalyst Corporate and its member credit unions.”
Based on a minimum of 10,000 transactions, Catalyst Corporate achieved a straight-through-processing rate of 98.97%.
Catalyst Corporate generates more than 450,000 total transactions annually through its domestic, international and Western Union wire transfer services.