BSP Receives Wells Fargo Global Payment Services Operational Excellence Award

Date: Thursday 18th February, 2021

Bank South Pacific (BSP) has been awarded the Global Payment Services Operational Excellence Award on Tuesday 16th February, 2021, at the Waigani Head Office in Port Moresby.

Merolyn Samson and Cathy Eric_thumb

Wells Fargo is the fourth largest bank in the United States of America 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 honored commitment to their own customers.

The award, as such, 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 customers' demands.

Wells Fargo's representative Vladimir Popovic commended the BSP Operations Team via a scheduled online conference saying, "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." 

"With the outstanding processing rate of 98% by BSP, it is well above Wells Fargo's rate which is somewhere between 93 and 94 percent. 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," added Mr Popovic.

BSP's Head of International Operations Merolyn Samson said: "It is an honour to be viewed by Wells Fargo as one of the banks that provide high quality and well 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."

"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 honored commitments to operational excellence to our customers," said Ms Samson.

"Given the dynamic environment and continuous enhancement in technology, BSP continues to provide secure and efficient banking services. This year is the seventh (7th) time BSP has received the award since the last award of the same in 2014, underlining our commitment to fast & secure banking services. Something we as BSP should be really proud of and certainly an assurance to our valued customers that we have their interest at our heart," said Frank van der Poll, Group Chief Operating Office.

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BSP Group Chief Operating Officer Frank van der Poll with BSP International Operations Team