The Trade and Development Bank (TDB) has been honored with the “Straight-Through Processing” (STP) Award by the United States’ leading financial institution, The Bank of New York Mellon (BNY). This recognition is a testament to TDB’s outstanding quality, accuracy, and efficiency in international payment processing.
Significance of the Award
The STP Award is presented to banks that successfully implement highly efficient systems enabling international payments to be processed automatically with minimal manual intervention. TDB earned this prestigious award for its exceptional achievement in processing MT103 and MT202 transaction formats. This accomplishment is not only a milestone for the bank itself but also a demonstration of Mongolia’s growing reputation in the global banking sector.
A Historic Step
In 2019, Mongolia was placed on the Financial Action Task Force (FATF) “grey list,” which led to major U.S. and EU banks exiting the Mongolian market and posed significant challenges to international payments. On December 22, 2023, TDB became the first Mongolian commercial bank to re-establish cooperation with a U.S. clearing bank, officially opening a U.S. dollar nostro account with BNY.
This milestone created new channels for U.S. dollar transactions for other Mongolian banks, expanding opportunities for international financial cooperation and positively contributing to the development of the country’s banking sector.
International Recognition
During the award ceremony, Fabian Khoshbakht, Head of Treasury Services and APAC Global Head of Client Insight & Innovation at BNY, remarked:
“We are delighted to present the STP Award to your bank. This recognition reflects your outstanding achievement in processing MT103/MT202 transaction formats. Congratulations once again, and thank you for your continued partnership with us.”
His words further reinforced TDB’s growing international reputation.
Market Leadership
As of 2025, TDB executes 35.3% of Mongolia’s U.S. dollar transactions, maintaining its leading position among commercial banks. This achievement demonstrates the bank’s reliability, service quality, and the trust placed in it by its clients.
TDB remains committed to walking alongside its customers in their growth and development, while steadfastly pursuing its mission to elevate Mongolia’s presence on the global financial stage.
TOGETHER TOWARDS SUSTAINABILITY
TRADE AND DEVELOPMENT BANK