Singapore bank, Oversea-Chinese Banking Corporation Limited (OCBC Bank), has become one of only two non-US banks to win the Global Visa Service Quality Award 2009 in the category of Multi-National Acquirer for the Lowest Chargeback-to-Sales Ratio.
Regarded as one of the major awards in US banking, it has never before been given to any banks outside the US.
Una Somerville, global head of Client Support Services, Visa, said the award was recognition of OCBC Bank’s ability to effectively educate merchants on Visa’s acceptance procedures to ensure that transactions are properly processed at the point of sale.
Visa said in a statement that OCBC Bank has shown that the merchant acquiring business is more than just a game of numbers. Its processes has ensured that they acquire the right merchants, and that they adhere to transaction acceptance requirements, authorisation and conditions, which would mitigate any disputes that may arise, and more importantly, prevent card fraud, hacking or compromise of cardholders’ information
Established in 1992, The Visa Service Quality Performance Awards acknowledge consistent, superior performance and continued service quality improvement in key areas that directly affect Visa cardholders and merchants.