BSP receives award for global payment services

BANK South Pacific has been awarded the Global Payment Services Operational Excellence award.
The award was announced on Tuesday at BSP’s Waigani head office in Port Moresby.
Wells Fargo is the fourth largest bank in the United States and is among BSP’s prominent correspondent banks for dollar payments, and provides BSP with high-quality payment processing, seamless and efficient servicing and outstanding customer service.
Wells Fargo grants this award to its top customers who have consistently demonstrated improvement in the quality of operational service levels in the global payment community, reflecting superior transaction processing quality, resulting in higher efficiencies, cost reductions and honoured commitment to their own customers. The award is a recognition and affirmation of the speed and quality improvements in payment processing operations and that BSP has managed to keep up with international standards and customer demands.
Wells Fargo representative Vladimir Popovic commended the BSP operations team via a scheduled online conference.
“BSP’s excellent quality of SWIFT messages on dollar payment and an outstanding error-free rate for remittances were among the main criteria, which were highlighted by this award,” he said.
“With the outstanding processing rate of 98 per cent by BSP, it is well above Wells Fargo’s rate which is somewhere between 93 and 94 per cent.
“Wells Fargo awards for a total of 25 points and BSP scored 22 points that is very high with exceptional operational excellence.
“We recognise the bank’s commitment to the highest standards of quality in meeting the stringent criteria for quick and seamless processing of international payments.”
BSP’s head of international operations Merolyn Samson said it was an honour to be viewed by Wells Fargo as one of the banks that provided high quality and high performing international payment services.
“With our efforts to align with international standards, we are committed to continuously improve international settlement service quality, aiming at realistic values and interests for our customers and partners,” she said.
“I applaud my international payments team who are an integral component of the department that have traditionally demonstrated superior transaction processing quality, resulting in higher efficiencies, faster payments, cost reductions and honoured commitments to operational excellence to our customers.”
BSP Group chief operating officer Frank van der Poll said given the dynamic environment and continuous enhancement in technology, BSP continued to provide secure and efficient banking services.
“This year is the seventh time BSP has received the award since the last award of the same in 2014, underlining our commitment to fast and secure banking services,” he said.
“Something we be really proud of and certainly an assurance to our valued customers that we have their interest at our heart.”