At the signing ceremony (Photo: VNA) Hanoi (VNA) – The Tien Phong Commercial Joint Stock Bank (TPBank) and UnionPay International (UPI) signed a cooperation agreement on inter-bank payment in Vietnam, at a ceremony in Hanoi on July 15. TPBank General Director Nguyen Hung said the move will enable millions of UnionPay clients to expand inter-bank payment via cards and QR Code at TPBank points-of-sale (POS) from July 2019. UPI Vice President Larry Wang said the partnership seeks to take advantage of the large number of tourists from China, the Republic of Korea and Thailand who want to pay for services in Vietnam. Dinh Van Chien, TPBank Deputy General Director, said TPBank cardholders travelling to China could use its QuickPay application to make payment via QR Code. According to the General Statistics Office and the Vietnam National Administration of Tourism, over 3.2 million Chinese and Korean visitors arrived in Vietnam in the first quarter of this year, and … [Read more...] about TPBank, UnionPay launch payment service
International payment services
TPBank to launch payment service in partnership with UnionPay
By Minh Son  July 15, 2019 | 05:08 pm GMT+7 The logo of Chinese bank card operator UnionPay is seen at a cashier at a shopping mall in Changzhi, Shanxi Province, China. Photo by Reuters/Stringer. Vietnam’s TPBank has signed a payment service partnership pact with China’s UnionPay International, targeting tourists as potential customers. The partnership will allow UnionPay cardholders to pay via TPBank’s QR code and traditional points of sales in the country starting Monday. Larry Wang, vice president of UnionPay International, said at the signing event that the partnership seeks to take advantage of the large number of tourists from China, South Korea and Thailand who want to pay for services in Vietnam. From January to June, Chinese arrivals to Vietnam were nearly 2.5 million, down 3.3 percent year-on-year. Despite the slight decrease, China topped the list of foreign tourists, followed by South Korea with 2.1 million arrivals. UnionPay said … [Read more...] about TPBank to launch payment service in partnership with UnionPay
Eximbank receives international STP award from Citibank
Vietnam Export Import Commercial Joint Stock Bank (Eximbank) was honoured with the Excellent International Straight-Through Payment Award by Citibank for its high standard electronic rate STP and low arising checking rate. Nguyen Huong Minh, deputy general director of Eximbank (middle), receiving the award from Citibank’s representative Tawal (Tony) Chaikwang - director, regional sales head, Citi Treasury & Transaction Services (left) and Jared Mecham, director, treasury & trade solutions head, Citibank, Vietnam (right) The annual award Citi Straight Through Processing (STP) awards is to honour banks conducting international settlement services with an STP rate above 90 per cent. This award also recognises the quality of technology, automatic payments, as well as the excellence of Eximbank staff in the past one year. This is the 9th consecutive year that Eximbank’s international payment quality is lauded by international correspondent banks of major … [Read more...] about Eximbank receives international STP award from Citibank
Asia remains biggest import-export payment market of Agribank
At a transaction office of Agribank (Photo: VNA) Hanoi (VNA) – Asian countries, including China, Singapore, the Republic of Korea, Japan, India and Thailand, are the largest market for import-export payment services of the Vietnam Bank for Agriculture and Rural Development (Agribank). According to the bank, the region accounts for 74.35 percent of import-export payment through the bank, which hosts the highest number of agencies of 412 banks. Currently, Agribank has 40 major international payment products, with some outstanding ones allowing easy payment from Vietnam to Laos, China and Cambodia. The bank’s most popular payment method is Telegraphic Transfer Reimbursement (TTR), which accounts for 77.3 percent of transactions, followed by letter of credit (L/C) with 18.3 percent and documentary collection at 4.3 percent. Agribank’s international payment services have so far covered 164 countries across the five continents, with the US being the biggest market … [Read more...] about Asia remains biggest import-export payment market of Agribank
HDBank wins J.P. Morgan award for outstanding international payments processing
Pham Quoc Thanh, HDBank’s deputy general director, receives the 2018 Elite Quality Recognition Award from Jason Clinton, J.P Morgan’s regional head for Southeast Asia and Australia. The Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank) received the 2018 Elite Quality Recognition Award from J.P. Morgan Chase Bank for its outstanding achievement of 100 per cent MT202 STP Rate. The award underscored HDBank’s exceptionally high quality of electronic payment transactions. STP (Straight-Through Processing) is the automated process of payments without manual intervention which increases processing speed, minimises routing errors, lowers operation and transaction costs while resulting in efficient, rapid payment execution and credit to the bank and the customers it serves. This award is given to leading financial institutions which have state-of-the-art STP electronic payment services and meet JP Morgan’s stringent processing accuracy criteria. The … [Read more...] about HDBank wins J.P. Morgan award for outstanding international payments processing