ABA Bank is recognized with the Elite Quality Recognition Award from JP Morgan
ABA Bank, the largest commercial bank in Cambodia, was recognized with the 2022 Elite Quality Recognition Award for the third time running from JP Morgan Chase Bank N.A., one of the world's largest financial institutions.
The award praises ABA's remarkable performance for maintaining high-quality money transfer operations and management of Best-in-Class MT103 straight-through processing (STP) rate of 99.69% for US Dollar clearing elite quality in 2022.
JP Morgan representatives for Indochina region presented the certificate for the Outstanding Achievement of Best-in-Class MT103 STP Rate 99.69% at ABA Bank Headquarters on 19 October 2022.
During the meeting with JP Morgan, Hean Polinda, Chief International Business Officer at ABA Bank, commented, "We are delighted to be awarded by JP Morgan for the third consecutive year. This STP award highlights that international transfers through ABA are almost instant, highly accurate, cost-saving and convenient for our clients in US Dollars. We are committed to providing our clients with high-quality standards in processing international payments and transfers in a safe and secure manner.”
The MT103 Elite Quality Recognition Award is given to J.P. Morgan clients for achieving an STP rate greater than 99.0% with a minimum volume of 10,000 transactions during the assessment year.
STP mechanisms provide financial services with tremendous benefits, including greatly shortened processing cycles, reduced settlement risk, minimized errors, and lower operating costs. ABA Bank exceeded the STP performance standards and qualified for the award, recognizing that almost all Bank transactions were error-free with a limited number of returns and rejections.
ABA remains the first and only Cambodian bank to receive such an award from JP Morgan. It reflects the reliability of the Bank's operational excellence in processing international transfers and payments in US Dollars.