For its almost 100 percent success rate in straight-through processing, the Ho Chi Minh City Development Joint Stock Commercial Bank has received the MT202 and MT103 STP awards for international payment services from J.P. Morgan Chase Bank.

HDBank wins two awards from J.P Morgan Chase Bank for achieving excellent
straight-through payment rates of 99.94% and 99.68% in MT202 and MT103.
(Photo courtesy of the bank)

This is the third year in a row HDBank has won the MT202 award, and the second year it has received the MT103 award.

Both are given by J.P Morgan Chase Bank, the US’s largest lender in terms of assets and the world’s largest US dollar clearing agent.

HDBank’s STP rates exceed the benchmarks set by global credit institutions.

According to JP Morgan Chase and other large institutions and agents providing clearing services in the greenback and euro, the STP rate for international electronic payment is currently 89–90% on average.

With an exceptional STP rate of 99.94% for MT 202 and 99.68% for MT103, HDBank was one of the few Vietnamese banks to win the top prize.

This underlines the prestige and quality of HDBank’s international payment services with its modern technology platform and employees’ professional competence in meeting the financial transaction needs of customers around the world.

According to JP Morgan Chase, HDBank is its leading banking partner in Vietnam in terms of both size and quality of international payment services.

HDBank's business performance through the JP Morgan Chase system has continued to thrive even amid the challenges faced by the global and Vietnamese economies due to the impacts of COVID-19.

With its relationships with more than 400 agents who are banking institutions and strategic co-operation with many leading Vietnamese and international partners, HDBank has extensive international payment operations and its international payment services quality is recognised also by other leading lenders such as Wells Fargo, Deutsche Bank, Citibank, and BHF – Bank.

HDBank is also a pioneer in bringing effective added value to customers around the globe through investing in and using modern technologies in its services and products, especially international payment services, digitising processes, meeting management requirements according to international standards, and constantly improving operational efficiency with a commitment to bringing the maximum benefits to customers.

HDBank became the first lender in Vietnam to join the TradeAssets Trade Finance E-marketplace to connect with and process trade finance transactions on the blockchain application platform, and Contour, an open trade finance network.

HDbank also deploys the global payment query service via Swift GPI and is a pioneer in providing international money transfer query services via Swift GPI in various currencies like USD, GBP, EUR, CHF, AUD, CAD, JPY, THB, NZD, HKD, and SGD.

At the same time the bank has successfully put into operation the Treasury - FIS Front Arena system to seamlessly meet the requirements involved in handling business transactions and managing currency trading risks.

In addition to retaining its leading position in digitisation in the banking sector, HDBank remains on a high growth path in the third quarter of the year.

Moody's credit rating agency has maintained a credit rating of B1 for HDBank.

In 2020, in addition to the Excellent International Payment Quality award, HDbank has won a number of prestigious honours from local and international organisations such as the ‘Best Innovation in Green Banking’ and ‘Most Innovative Mobile Banking App’ awards from Global Business Outlook magazine, a place in Forbes magazine’s top 50 listed Vietnamese companies list, ‘Mid-sized Domestic Retail Bank of the Year’ award from Asian Banking & Finance, and a place in the ‘Best Companies To Work For in Asia’ list compiled by HR Asia.