ABA receives Elite Quality Recognition Award from JP Morgan for error-free international transfers
26/Sep/2024
ABA Bank, the largest Cambodian commercial bank1 and leading digital finance provider, has garnered Elite Quality Recognition Awards 2023 and 2024 from one of the world's largest financial institutions, JP Morgan.
These prestigious awards acknowledge the Bank's consistent and high-quality performance of funds transfer operations management and recognize its achievement in best-in-class straight-through processing (STP) rates of 99.84% in 2023 and 99.86% in 2024 for USD clearing, respectively.
On 25 September 2024, JP Morgan's Indochina region representative handed over the certificates for the Outstanding Achievement of Best-in-Class MT103 STP Rate at ABA's Head Office.
During the meeting, Zhiger Atchabarov, ABA Bank's Chief Operating Officer, stated, "It is an honor to receive this award for five years in a row from JP Morgan. It reflects the Bank's excellent remittance services, which ensure that all transactions of our customers are processed accurately, timely and securely."
"As we continue enhancing our financial services for individual and institutional customers, we remain focused on operational excellence. By implementing advanced efficiency standards, we aim to minimize manual processes, ensure seamless transaction quality, and eliminate payment delays," Atchabarov added.
Hooiching Wong, Managing Director, Head of FIG Sales ASEAN and Malaysia Senior Country Officer for JP Morgan, commented, "ABA's performance has been nothing short of extraordinary. ABA has consistently achieved impressive STP rates, starting with 99.56% in 2020 and reaching an outstanding 99.86% in 2024. The ability to maintain and even surpass such high standards year after year is truly commendable."
"Looking ahead, I am confident that the partnership between ABA and JP Morgan will continue to thrive and evolve. There are several exciting opportunities on the horizon that we can explore and discuss," she added.
STP mechanisms substantially benefit financial services, including significantly reducing processing cycles, lowering settlement risk, minimizing errors, and bolstering the bank's operational effectiveness while decreasing operating costs. ABA Bank surpassed the performance benchmarks, earning recognition for near error-free transactions with minimal returns and rejections.
Receiving the awards five consecutive times solidifies ABA's position as Cambodia's first and only bank to hold such a title, emphasizing its prominent role in facilitating cross-border transactions.
1 ABA Bank is the largest commercial bank in Cambodia in terms of total assets, gross loans, customer deposits, and profitability based on the National Bank of Cambodia’s Annual Supervision Report 2021-2023.
