JP Morgan recognizes ABA's excellence in processing USD transfers for the second year in a row
ABA Bank, a leading Cambodian commercial bank, received the 2021 Elite Quality Recognition Award from JP Morgan Chase Bank N.A., USA, one of the world largest financial institutions.
This second consecutive recognition bestowed on ABA for retaining the outstanding accuracy and excellence in MT103 straight-through processing (STP) rate for international transfers and payments in US Dollars.
STP is the automated process of payments without manual intervention, with increased processing speed, minimized errors and lowered costs. ABA Bank exceeded the STP performance standards and qualified for the award, which recognizes that almost all Bank transactions were error-free with a limited number of returns and rejections.
The award is only given to banks that perform high-quality money transfer operations and manage to process at least 90% of accurate transactions of their customers. In 2021, the rate of error-free money transfers and payments on ABA Bank exceeded 99.5%!
ABA remains the first and only Cambodian bank to receive such an award from JP Morgan. It continues to reflect the reliability of the Bank's operational excellence in processing international transfers and payments in US Dollars.
"For the second consecutive year, ABA has proven to exceed the performance standards of processing its clients' international payments and transfers in US Dollars. We are proud to get this recognition from JP Morgan, proving that our commitment is consistent and reliable,” commented Sim Suongsantepheap, Head of the International Operations Department of ABA Bank.
“Our clients can confidently trust us that their international operation requests with ABA will be executed timely and accurately," she added.
JP Morgan has been giving out the Quality Recognition Award globally since 1997. The award acknowledges the consistent, high-quality performance of its clients' funds transfer operations management and staff.