The U.S. Dollar Clearing Elite Quality Recognition Award is an annual accolade presented by JP Morgan to financial institutions globally. This recognition is based on the volume of payment messages and the quality of straight-through processing. These criteria are crucial for evaluating the efficiency, accuracy, and standardization of international payment transaction processes, reducing risks and errors, and improving operational performance.

Shibu Thomas, JP Morgan's APAC regional head for global clearing product solutions, stated that the bank highly values the straight-through processing rate VIB achieved last year. He added that VIB consistently ranks among the world's leading banks for the quality of international payment transactions.

"This award recognizes current successes and efforts, serving as motivation for both parties to continue collaborating, seeking innovative solutions to promote commercial payments, global transactions, and enhance customer value", Mr. Shibu Thomas said.

Bank representatives receive the award from JP Morgan representatives. Photo: VIB

A VIB representative stated that the JP Morgan award demonstrates the bank's operational capabilities in international payments, trade finance, and foreign exchange business. This capability helps businesses and individual customers in Vietnam reduce processing times, minimize errors, and optimize costs in international payment activities.

In addition to the JP Morgan award, the bank has also been recognized by other international organizations this year, including: Euromoney, Global Brands Magazine, Global Business Outlook, and Boston Brand. These awards highlight innovative banking products and services, the application of modern technology, and improved service efficiency for customers.

As the financial industry shifts from growth in scale to growth in quality, the ability to serve the customer value chain becomes a key competitive factor. Transaction banking is one of the platforms VIB prioritizes for investment, aiming to directly connect businesses' daily operations with the bank's operating system, thereby enhancing cash flow management capabilities.

The bank is developing several integrated solutions to help businesses optimize working capital and operating costs. These include diverse payment and cash flow management solutions, enabling businesses to proactively manage their cash flow. These solutions optimize capital sources, improve the efficiency of loan utilization, and ensure transparent and accurate internal financial control.

Additionally, integrated system solutions optimize operational processes, enhance processing efficiency, and reduce transaction costs through modern tools. These tools include: API banking, ERP connectivity, payment gateway, eKYC, digital onboarding, and real-time transaction management systems.

Through these solutions, VIB's transaction banking not only handles routine payment transactions but also serves as a comprehensive financial ecosystem, helping businesses optimize cash flow, enhance management capabilities, and adapt flexibly to international standards. The bank aims to be "a leading banking partner for businesses and financial institutions". The bank continues to strengthen its reputation through specialized solutions, supporting businesses at every stage of financial management.

Hoang Dan