ABA​ Bank​ is​ recognized​ with​ the​ Elite​ Quality​ Recognition​ Award​ from​ JP​ Morgan


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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.​