Two Vietnamese Banks Granted Excellent International Payment Awards
The Vietnam International Commercial Joint Stock Bank (VIB) has been granted the Excellent International Payment Bank Award 2009 by Citibank, an affiliate of the US-based Citigroup, in recognition of its achievements in advanced global payment capabilities. This is the sixth consecutive year VIB has received this award.
The award is based on the Straight Through Processing (STP) rate assigned for accuracy in electronic transfers, which must be at least 90 percent. In 2009, the whole system of VIB carried out nearly 49,000 electronic international transfers, all of which were processed safely with the vast majority meeting standards. Total revenue from letter of credit (L/C) payments reached nearly US$620 million and turnover from money transfers was over US$585 million. Hence, the lender earned nearly US$50 million from this business.
Previously, An Binh Commercial Joint Stock Bank (ABBANK) also won the two Excellent Electronic International Payment Awards from Wells Fargo and Citibank - two leading banks in the world. This annual award is granted by Citibank and Wells Fargo to banks transferring money in line with SWIFT standards. This is the third year ABBANK wins the trophy from Wells Fargo but the first time from Citibank. In 2010, ABBANK will expand cooperation in international payment services for financial companies and lend more to exporters. ABBANK expects international payment turnover to exceed US$1 billion in 2010.
Q.C
Vietnamese
