ABA receives award from JP Morgan for processing dollar payments
ABA Bank, a leading Cambodian commercial bank and subsidiary of National Bank of Canada, has won the Quality Recognition Award 2020 from JP Morgan Chase Bank N.A. for its operational excellence in processing international transfers and payments in US Dollars.
The award is based on the quality and accuracy of MT103 SWIFT payment messages routed through JP Morgan. ABA Bank processed 99.56% of its US Dollars denominated fund transfers and commercial payments via JP Morgan automatically using Straight-Through Processing (STP).
STP is the automated process of payments without manual intervention that increases processing speed, minimizes routing errors, and lowers operation and transaction costs. ABA Bank exceeded the STP performance standards and qualified for the award, which recognized that almost all Bank transactions were error-free with a limited number of returns and rejections, fully complying with the world's most stringent accuracy criteria.
ABA becomes the first Cambodian bank to receive this award from JP Morgan. It reflects the reliability of the Bank's international operations and confirms its sound international reputation.
Sim Suongsantepheap, Head of International Operations Department of ABA Bank, commented, "We are proud and pleased to be the first bank in Cambodia to receive such award from JP Morgan. It shows our commitment to the high quality of operations and compliance with the world-known bank's standards. Our clients can be assured that their international transfers or payments sent through ABA in USD will be delivered to their receivers around the globe quickly and without errors."
JP Morgan has been delivering the Quality Recognition Award globally since 1997. The award is bestowed on the banks who manage to process at least 90% of transactions using STP, acknowledging the high-quality performance of money transfer operations.