Eximbank receives international STP award from Citibank

April 26, 2019 | 10:14
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Vietnam Export Import Commercial Joint Stock Bank (Eximbank) was honoured with the Excellent International Straight-Through Payment Award by Citibank for its high standard electronic rate STP and low arising checking rate.
eximbank receives international stp award from citibank

Nguyen Huong Minh, deputy general director of Eximbank (middle), receiving the award from Citibank’s representative Tawal (Tony) Chaikwang - director, regional sales head, Citi Treasury & Transaction Services (left) and Jared Mecham, director, treasury & trade solutions head, Citibank, Vietnam (right)

The annual award Citi Straight Through Processing (STP) awards is to honour banks conducting international settlement services with an STP rate above 90 per cent. This award also recognises the quality of technology, automatic payments, as well as the excellence of Eximbank staff in the past one year.

This is the 9th consecutive year that Eximbank’s international payment quality is lauded by international correspondent banks of major reputation, such as Citibank, Wells Fargo, Bank of New York Mellon, and Standard Charter Bank. Eximbank’s STP rate at Citibank is always over 95 per cent. When standard international payments are transferred to Citibank’s system, electronic payments are handled and transferred to the customer’s bank account in less than 1 minute.

From 2015-2019, the STP rate of Eximbank at BNY Mellon was consistently over 97 per cent, while it was 99 per cent at HSBC and 98 per cent at JPMorgan Chase.

“We are honoured to be recognised as one of the banks that have effective and high standard international payment services. To become an international standard bank, we are committed to continue increasing service quality and improve international payment processing to bring more benefits to customers and partners,” Nguyen Huong Minh, deputy general director of Eximbank, shared.

With 30 years of experience in international payments, Eximbank has been recognised as one of the fastest developing financial institutions, providing excellent products and services based on modern information technology. Eximbank wants to bring better services and reduce time and costs for customers. It continues to increase the professionalism and quality of technology to create more benefits to corporations and customers and actualise hopes for the future.

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional