Asia United Bank Bags Funds Transfer Award from J.P. Morgan

Asia United Bank (AUB) was recently recognized for its high-quality performance in funds transfer operations by global financial services firm J.P. Morgan.

The J.P. Morgan U.S. Dollar Clearing Quality Recognition Awards recognizes clients that achieved best-in-class straight-through processing (STP) rates for the year 2023, based on J.P. Morgan internal data.

By giving AUB the MT103 Elite Quality Recognition Award, the world’s biggest bank ”acknowledges the high-quality performance of AUB’s funds transfer operations management and staff” that met its stringent performance standards on STP (no manual intervention).

”We look forward to the continued growth of your payments business with J.P. Morgan and the expansion of our partnership by supporting AUB’s cash management requirements globally,” the bank added.

This was the second award that AUB received for its world-class STP performance. Last September, global financial services firm Wells Fargo bestowed a Special Recognition award to AUB for consistently showing improvement in its STP rate for the past three years since 2021. AUB also previously bagged an Operational Excellence Award, Wells Fargo’s highest global operational award.

The awards recognized AUB’s efficiency in processing U.S. dollar payments for its customers and channeling such payments to its correspondent banks like J.P. Morgan and Wells Fargo.

“Getting recognized by our global payments partners further inspires us to work harder in serving our customers,” said Wilfredo E. Rodriguez Jr., AUB executive vice president and head of IT and Operations. “We continue to improve on our digital capabilities while being strictly adherent to the requirements on industry standards for the SWIFT environment, which also includes the security requirements of the Bangko Sentral ng Pilipinas, as well as all regulatory requirements on ML/TF checking and validations.”