BSP receives Wells Fargo award
Bank South Pacific has been awarded the Wells Fargo Operational Excellence Crystall award last week.
Wells Fargo is the fourth largest bank in the United States of America and is also BSP’s major US dollar correspondent bank.
The award was presented personally by Judy Magala from Wells Fargo Bank, N.A Representative Office to BSP’s International Operations Team in Port Moresby.
Head of International Operations Merolyn Samson said recipients of this award have demonstrated superior transaction processing quality resulting in higher efficiencies, cost reductions, and most importantly, honoured commitments to operational excellence to their own customers.
Ms Samson said the award is granted by Wells Fargo to its correspondent banks that had over 95 per cent straight through processing rate of their payments.
This is through the Wells Fargo money transfer systems (BSP had 98.87 percent STP).
She said this reflects a very efficient processing of customer payment requests in USD. Similarly our payments in AUD have a 98 per cent STP processing rate.
“We are pleased to provide Bank of South Pacific Limited with the Wells Fargo Operational Excellence Award.
This award recognises your exceptional dedication to excellence and to serving the needs of your customers,” she said.
Ms Samson said such award is a recognition and affirmation of the speed and quality in payment processing operations that BSP manages to maintain with international standards and evolving customer demands.
“This is the fifth year BSP has received this award for its high rating of US dollar cross border transfers.
“It is an honour to be viewed by Wells Fargo as one of the banks that provides high-quality services,” she said.
“With our ongoing efforts to maintain alignment to international standards, BSP will continue providing a high quality payment capability to our customer.s.” said Ms Samson.
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