BSP gets Wells Fargo’s stamp of approval

WELLS Fargo, the fourth-largest bank in the United States and Bank South Pacific’s major US dollar correspondent bank, has awarded BSP the Wells Fargo operational excellence crystal award.
The award was presented by Judy Magala, of Wells Fargo Bank, to BSP’s international operations team in Port Moresby recently.
“We are pleased to provide Bank of South Pacific Ltd with the Wells Fargo operational excellence award,” she said.
“Recipients of this award have demonstrated superior transaction-processing (STP) quality, resulting in higher efficiencies, cost reductions and most importantly, honoured commitments to operational excellence to their own customers. The award is granted by Wells Fargo to its correspondent banks that had over 95 per cent straight through processing rate of their payments through Wells Fargo money transfer systems.
BSP had 98.87 per cent STP.