Ebène, Mauritius, March 17: MauBank has been awarded the 2025 Global Clearing Elite Quality Recognition Award by J.P. Morgan Payments, in recognition of its best-in-class performance in U.S. dollar clearing.
The awards were granted following MauBank’s achievement of an MT103 Straight-Through Processing (STP) rate of 99.59 percent in 2025 and 99.69 percent in 2024. This places the Bank within the highest performance tier of J.P. Morgan Payments’ global clearing network.
U.S. dollar clearing enables banks to process and settle international payments denominated in USD through the U.S. financial system.
For an open economy such as Mauritius, where trade, commodities, shipping, and many international contracts are priced in USD, reliable access to a Tier-1 clearing partner is deemed essential. In context, MauBank supports USD settlement for trade flows, corporate transactions, treasury activity and cross-border financial movements across sectors of the local economy.
The efficiency of this clearing channel directly affects payment speed, settlement, and liquidity management for clients engaged in global business. MauBank’s relationship with J.P. Morgan Payments spans over 15 years.
The quality, structure, and integrity of the Bank’s payment messaging have been enhanced since its operations and compliance teams have worked closely with J.P. Morgan Payments. As part of the global migration to ISO 20022 through the SWIFT network, MauBank has aligned its payment messaging to the enhanced data standards and strengthened its internal validation processes, improving the quality and consistency of transaction information across cross-border flows.
These enhancements resulted in STP performance improving from approximately 98 percent to 99.59 percent. STP measures the proportion of cross-border payments processed automatically, without manual intervention or repair. A rate approaching 100 percent reflects high data accuracy, precise payment formatting, and robust compliance controls, all of which minimise settlement risk and support faster execution across correspondent networks.
Commenting on the achievement, Head of Operations at MauBank Maoumar Pooloo, stresses: “Over the years, we have invested deliberately in the quality and resilience of our payment infrastructure. By strengthening our data standards and aligning with evolving international messaging frameworks, we have been able to significantly improve the accuracy and reliability of our cross-border transactions. Our objective is straightforward: when our payments enter the global clearing system, they should move efficiently and without avoidable friction. We work closely with our correspondent partners to ensure that our clients’ international transactions are executed with speed and precision.”
While MauBank’s Chief Executive Officer, Vishuene Vydelingum has described the recognition as a reflection of sustained investment and operational discipline: “J.P. Morgan Payments has been a trusted correspondent provider over many years, and this recognition affirms our continued investment in international banking standards.”
“As cross-border transactions become increasingly central to Mauritius’ economic activity, maintaining reliable access to the global U.S. dollar clearing system is fundamental. “The continued growth in U.S. dollar volumes has required us to enhance our correspondent framework and operate at standards aligned with leading international institutions. This enables trade settlements, investment flows, and cross-border payments to be processed efficiently and without avoidable disruption. The recognition also reflects the expertise and coordination of our teams, who operate across significant time differences while meeting the precision demanded by global finance.”
On the other hand, Executive Director for Financial Institution Group (FIG) Sub-Saharan Africa at J.P. Morgan Payments, Eseme Balimba, has emphasised the strength of the collaboration: “MauBank’s teams have consistently met international clearing standards through disciplined execution and close coordination with our network. Elite quality recognition is reserved for institutions exceeding 98 percent STP performance. At 99.59 percent, MauBank’s results place it firmly within that top tier.”
