Friday, 14/06/2024
   

Agribank honored to receive the STP award 2023 from Standard Chartered

On April 11, 2024, Agribank was honored to receive the Straight Through Processing (STP) Award in 2023 from Standard Chartered Bank with the Straight-Through Processing (STP) rate reaching 98.6%.

Attending the award ceremony on Standard Chartered Vietnam's side were Ms. Nguyen Thuy Hanh - Deputy General Director; On Agribank's side were Deputy General Director Nguyen Thi Phuong, representatives of the functional units: Financial Institutions Department, Trade Finance Center, Payment Center and five branches with the highest volume in international payment transactions through Standard Chartered.

The high Straight-Through Processing (STP) rate at 98.6%, which is higher than the global average STP rate (96%) is a testament to Agribank dedication towards achieving high operational standards in the international payments sphere, helping to save costs and reduce risks for customers; a testament to the technology system and excellent professional capacity of Agribank's employees to meet the financial transaction needs of customers around the world, as well as Agribank's continuous efforts to provide the best payment services for customers.

Standard Chartered UK has established correspondent relationship with Agribank since 2003. In addition, Agribank is maintaining correspondent relationships with four branches of Standard Chartered UK in the US, Indonesia, Japan, UAE and 10 banks with 100% capital of Standard Chartered in 10 countries. Chartered has been providing Agribank with many diverse products and services such as: trade finance (guarantee, LC confirmation, trade loan, UPAS L/C, etc.), Guaranteed OUR service; transaction status enquiry|; fast money transfers within Asia, etc.

Thanks to constant technology upgrade, Agribank always achieves a high STP rate of 97% or more and continuously receives honorable awards from major correspondent banks in the world such as: Standard Chartered Bank, The Bank of New York Mellon, Wells Fargo Bank, JP Morgan Chase in recent years. The awarding from Standard Chartered to Agribank once again affirms the brand and quality of Agribank's payment services in the international market, and is a driving force for the two parties to continue to strengthen cooperation and actively seek solutions to improve and promote the number of two-way trade payment transactions.

Source Agribank
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