Bank of Cyprus receives STP award for third year running

The Bank of New York has awarded the Bank of Cyprus the “STP AWARD 2023” for the third consecutive year, recognising the high-quality procedures the Bank follows in the area of fund transfers via the SWIFT system.

The Bank of New York is one of the correspondent banks with which the Bank of Cyprus works for US dollar transactions.

The award was given in recognition of the fact that nearly 100 per cent of payments were processed through Straight Through Processing, without the need for any non-automated intervention on the part of the Bank of New York.

Despina Kyriakidou, Treasury Director at the Bank of Cyprus, stated that “Bank of New York is one of the largest US financial institutions operating globally”.

“This award confirms the vote of confidence of a global organisation in our Bank,” she added.

“The cooperation with Bank of New York contributes to the further strengthening of the banking and financial services offered by the Bank to business, institutional and private customers both in Cyprus and abroad,” Kyriakidou concluded.