SCB receives 2020 STP Award from Bank of New York Mellon

October 31, 2021 | 10:03
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Saigon Joint Stock Commercial Bank (SCB) was honoured by The Bank of New York Mellon (BNY Mellon) with the prestigious Straight-through Processing (STP) Award for the third consecutive year.
2021 is counted as 3 years in a row SCB received awards from BNY Mellon
2021 is counted as 3 years in a row SCB received awards from BNY Mellon

Held annually to recognise outstanding organisations in global payment solutions, this award exalted SCB’s fulfilment of strict requirements in processing speed, procedural compliance, as well as safe and steady transactions with the slightest risks and delays when it comes to offshore accounts, highlighting that its STP rate was all but the highest in international payments.

Rates of electronic fund transfers and transaction traces are among the key criteria to evaluate the quality of automatic payment processing of a bank. With high and low rates in electronic fund transfers and transaction traces respectively, customers can completely put their trust in making cross-border transactions through SCB’s system for its fast, accurate, affordable, and low-risk performance.

More importantly, the award once again affirmed the global appreciation of partner banks for SCB's excellent service quality, especially in international payments as well as honouring exceptional contributions of the bank’s staff to this field. It also showcased the bank’s prestige and service quality which are highly commended by foreign financial institutions.

“The continuous receipt of international payment awards from BNY Mellon will motivate stronger bonding of the two sides with more solutions to improve and promote commercial trading volume, especially when the economic situation is under the impact of the COVID-19 pandemic. With a worldwide network of correspondent banks and as a player in vibrant international financial markets, SCB is always confident when it comes to providing the best and fastest domestic and international payment services," shared a representative of SCB.

BNY Mellon is known as one of the oldest financial institutions in the world with a history of more than 230 years. Its annual STP awards, for many years, have honoured banks with excellent service quality in international payment based on electronic fund transfer rates.

By Ha An

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