Interbank money transfer analysis at Maritime Bank, Bac Giang Branch

The internship period Maritime Bank is very precious to me. Although this is the first time I have worked in a professional environment that requires serious attitude toward work, but with the high determination to complete the final report, I was successful. To get the desired results, I would like to express my most sincere and heartfelt thanks to: In the process of my internship, I gained a lot of experience and received lots of help from my colleagues. They created the best conditions for me to pratice and finish my report successful

PROFESSIONAL BACHELOR OF BAKING AND FINANCE COURSE 2012-2015 Vietnam Maritime Commercial Joint Stock Bank Bac Giang Branch-151 Hung Vuong Str, Hoang Van Thu Precinct, Bac Giang WORK PLACEMENT REPORT Interbank money transfer analysis at Maritime Bank, Bac Giang Branch ACKNOWLEDGMENTS The internship period Maritime Bank is very precious to me Although this is the first time I have worked in a professional environment that requires serious attitude toward work, but with the high determination to complete the final report, I was successful To get the desired results, I would like to express my most sincere and heartfelt thanks to: In the process of my internship, I gained a lot of experience and received lots of help from my colleagues They created the best conditions for me to pratice and finish my report successful Content Introduction .1 Chapter I: Summarize and introduce Maritime Bank, Bac Giang Branch and Inter Banking Money Transfer Service Summary of Maritime Bank 2 Introduce Maritime Bank Bac Giang Branch .5 Introduce Inter Banking Money Transfer Service Chapter II: Process of the Internship The assigned work in the internship .9 a Mission: .9 b.Permissions: 13 c.Requirements: 13 My Missions at MaritimeBank Bac Giang Branch 13 2.1 Implementing the interbank money transfer operations from MaritimeBank’s customers……………………………………………………………………………… 13 2.1.1 Helping bank staff by checking necessary documents and electronic signature………………………………………………………………………………… 13 2.1.2 Carrying out money transfer services in Vietnam in BDS system…… 14 2.2 Processing faulty transfer operations under the internship tutor’s monitoring……………………………………………………………………… 22 2.3 Processing the invalid orders with banking staff………………………… 23 Chapter III: Targets, achieved results and contributions to the bank .25 Conclusion 26 Appendix 27 INTRODUCTION Aiming to meet all the needs of customers, Maritime Bank provides money transfer services throughout Vietnam With this service, customers could carry out transactions at any branch of Maritime Bank, all transfers are done fast and conveniently with high levels of safety and confidentiality, customers could order to transfer cash or use payment instruments such as cheques or authorized payments Customers not need to have an account in the bank Beneficiaries could be at any location in Vietnam After months in the process of internship, I have learnt to become a teller and helped my guider to deal with some works with my major mission being guiding and carrying out the money transfer service in Vietnam in Maritime Bank System With the knowledge I have learnt and the experience I have gained in the processing of practice at Maritime Bank Bac Giang Branch, I am writing this report to show the results after months of internship My report includes parts Chapter I: Summarize and introduce Maritime Bank, Branch and inter banking money transfer service Chapter II: Process of the internship Chapter III: Targets, achieved results and contributions to the bank It is hard for me to avoid making mistakes on the process of doing this report So if there are some small mistakes in the project, please excuse me I am looking forward to teacher's ideas and contributions to make my report better 1|Page Chapter I: Summarize and introduce Maritime Bank, Bac Giang branch and inter banking money transfer services Summary of Maritime Bank 1.1 About Vietnam Maritime Commercial Joint Stock Bank ( Maritime Bank) Established: 8th June 1991 HEAD OFFICE: No.88 Lang Ha - Dong Da - Ha Noi Tel: 043.7718989 - Fax: 043.7718899 SWIFT Code: MCOBVNVXXXX Website: http://www.msb.com.vn/ Network: Over 230 branches and transactions all over Vietnam Charter capital: thousand billion VND Staff: 3.536 people Chairman: Mr TRAN Anh Tuan Chief Executive Officer (CEO): Mr.Atul Malik Vietnam Maritime Commercial Joint Stock Bank (Maritime Bank) was established under the License No 0001/NH-GP dated 8th June 1991 by the Governor of State Bank of Vietnam and officially started doing business on 12th July 1991 in Hai Phong City, right after the Ordinance on Joint Stock Bank, Credit Cooperative and Finance Company took effect At that time, the debate about the model of join stock bank was still not settled and Maritime Bank became one of the first commercial join stock banks in Vietnam It was the result of collaboration strength and innovative thinking of founding shareholders: Vietnam Maritime Administration, Vietnam Post and Communication Group, The Civil Aviation Administration of Vietnam and etc 1.2 Maritime Bank history 2|Page At the beginning, Maritime Bank only had 24 shareholders with charter capital of VND 40 billion and several branches in big cities such as Hai Phong, Hanoi, Quang Ninh and Ho Chi Minh City It may be said that the establishment of Maritime Bank in the early 1990s represented a major breakthrough during the transformation of economic structure in Vietnam Looking back at the previous development phase, the period from 1997 to 2000 was the most challenging for Maritime Bank As a result of Asia financial crisis, Maritime Bank had to face many difficulties However, by our own strength and spirit, Maritime Bank has gradually regained the balance and continued developing since 2005 Until now, Maritime Bank has grown strongly, sustainably and created customer’s faith The current charter capital of Maritime Bank is VND 8,000 billion and total assets reach more than VND110,000 billion Our network has increased rapidly from 16 branches in 2005 to 230 branches at present Thanks to the decision to comprehensively restructure ranging from business strategy, brand image, branch design to customer approach method and etc, Maritime Bank is recognized as one of the most innovative banks with audacious business strategy & professional transaction model in Vietnam 1.3 Vision: To become one of the best commercial banks in Vietnam 1.4 Mission:  To provide customers with ‘best in class’ products and services in line with their needs  To create for the employees a professional working environment and offer them significant development opportunities  To bring sustainable benefits to shareholders via focused execution of business plan based on global standards 3|Page 1.5 Commited action Setting a goal to become one of the largest joint stock banks in Vietnam, Maritime Bank always adheres to the commitments  To customers: Maritime bank understands that the success of the Maritime Bank depends primarily on the satisfaction and success of the customer Given the trust of customers, the bank is committed to: - Provide high quality services in a fast and flexible manner - Continuously diversify products and services to offer the most suitable to customers - Ensure absolute safety and security  To staff: One of the most important assets, the driving force behind the development of Maritime Bank is human resource The Bank’s leaders are committed to: - Set up a working environment based on mutual trust and respect - Effectively develop cultural aspects with adequate benefits - Create development opportunities for all members of Maritime Bank  To shareholders: Shareholders have the absolute belief and willingness to share success or failure with the Bank In response to that trust, the bank is committed to: - Value of investment growth rapidly for shareholders - Ensure the sustainable growth of the Bank  To the entire society: By ensuring continuous growth of the Bank and regular participation in cultural and charity activities, Maritime Bank is committed to contributing cultural and economic values to the overall development of community and society Introduce Maritime bank- Bac Giang Branch 4|Page 2.1 The establishment and development of Vietnam Maritime Commercial Joint Stock Bank – Bac Giang Branch  Date of creation: Febuary 10th, 2012  Transaction name: Vietnam Maritime Commercial Joint Stock Bank ( Maritime bank ) – Bac Giang Branch  Address : 151 Hung Vuong Str, Hoang Van Thu Precinct, Bac Giang Province, Viet Nam   Tel: 02403.898.666 Fax: 02403.898.000 2.2Functions of Maritime bank Bac Giang Branch  To mobilize deposits, demand savings and fixed term savings  To supply short-term, medium and long- term loans in Vietnamese dong and foreign currencies  To make payments in Vietnamese dong and Foreign currencies  To make investments in the form of joint ventures, purchase of shares, purchase of 5|Page assets, other forms of investment with domestic and international cooperates and financial institutions  To offer foreign dealing transactions (Spot, Forward) in key foreign currencies  To act as agent and consignment services for domestic and international financial institutions, credit institutions and individuals  Provision of services: safety deposit box, custody services, salary payment in the enterprises…  Other services of modern bank 2.3 Organizational structure of Maritime bank Bac Giang branch The current number of staff: 10 people Teller 6|Page The money counting machine will recognize value of money and count the quantity So the screen will show the total amount of money Then click OK to the next step Click OK to print 17 | P a g e Type teller's ID and password, and click OK to finish the transaction Case 2: Transfer money from Maritime Bank account to Viettin Bank account *Using: Payment order  Note: -Personal information of account owner:  Name of payer: LE HUONG GIANG  Account No: 03301019904835  Address: 18A Nguyen Thi Luu, Bac Giang  Date of birth: 19/05/1963  Email:mrsgiangacc@gmail.com  Job: Accountant  Purpose of transferring money: Transferring money to help cousin cure cancer *Implementation of BDS Screen Add the account number: 03301019904835 18 | P a g e -Check the type of account -Debit account:03301019904835 -Payer: LE HUONG GIANG -Add the amount of money: 26.000.000VND -Choose the address of payer: Hanoi 19 | P a g e -Name of received bank: Vietinbank Dong Da Branch -Fee+VAT:11000VND -Number of beneficiary account:711A048236823 -Name of beneficiary: MAI ANH TUAN Teller moves to supervisor to check all information If they are are true, click OK Check the signature of the payer If the specimen signature is the same with signature in the payment order, click ACCEPT 20 | P a g e Type teller's ID and password, and click OK to finish the transaction Case 3: Wire transfer service (between different banks) *Payment method: Pay cash at Maritime Bank Bac Giang branch *Using: Cash deposit slip *Description: It is the same as case but the payer doesn't have bank account so they pay cash directly at the branch  Note -Personal information of depositor  Name: Hoang Thi Phuong  Tel: 0974278689  Address: 928 Le Loi, Dinh Ke, Bac Giang  Purpose of transferring money: Buy goods online *Implementation of BDS screen 21 | P a g e Tellers add the amount of money: 5.000.000VND Name and address of beneficiary bank: ACB Bank Hanoi branch, Hai Ba Trung transaction office Fee+VAT: 11000VND Name and address of depositor: Hoang Thi Phuong, Cau Giay, Hanoi Account number of benificiary: 25853598 Name of benificiary: Nguyen Bich Ngoc Teller moves to supervisor to check if all information is true If they are true, click OK Type teller's ID and password, and click OK to finish the transaction  The purpose for transferring money of cases is different, but the bank did all the 22 | P a g e requests very well without any mistake So the banking transfer service in Maritime Bank met the demand of customer and made them satisfied and believe in the high quality of service 2.2 Processing faulty transfer operations under the internship tutor’s monitoring After a month, I was permitted by my internship tutor to process the rejected orders together with bank staff I found that the mistake orders were made for two main reasons: - Banking officer transfer to wrong account (bank’s mistake) - The customer was mistaken and required to draw back Reading again the transferring process, together with helps and instructions of transaction officers, I summarized several solutions in reality below: - If the mistake was made by banking staff delaying the money transfer: wrongly entering import order information such as account number, beneficiary’s name and date of birth… As soon as the mistake was uncovered, transaction officer had to restore a new payment order, ensure the transfer not delayed to the next day - If the mistake was made by customer and the customer required drawing back, according to Maritime Bank’s regulations, there are two solutions: * Customer used interbank money transfer with Internet Banking: If account number and beneficiary’s name was not match, and mistake was discovered after checking, partner bank would give the order bank to Maritime Bank As soon as receiving the rejected order, Maritime Bank would post money to customer’s account * Customer transfer money at the transaction counter: there are two cases: + Cash transfer: In this case, the transaction officer would ask for customer’s telephone number when entering in the accounts If account number and beneficiary’s name was not match, the operation system would reject the money back to the branch which deployed transaction As soon as receiving the rejected order, transaction officer would make a phone call for customer to receive money or re-transfer the money + Transfer money from customer’s account: Transaction officer would look up customer’s contact number and require customer to go to the branch receiving the money and re-transfer, or transaction officer would post the money back to customer’s account The following is example of a remittance order mistaken which I directly observed process of solution: 23 | P a g e Payment order information MT103 File number (F20) 1412610300005777 Import maker: DD126248 MTID number: 1420110300613518 Date of Import: April 08th 2015 Transfer bank:Vietnam Maritime Commercial Joint Stock Bank Type of remittance: Telegraphic transfer Receive bank: Bank for Investment and Development of Vietnam Beneficiary’s bank: Bank for Investment and Development of Vietnam – Ha Tay branch Beneficiary’s name: Ngoc Viet Joint Stock Company for Paper Industry Type of payment: Telegraphic transfer Currency: Vietnam Dong Original: 274,000,000 Net pay: 274,000,000 Payer’s account: 10201-000006806-0 Contents of payment: Paying for paper PN03 G5 G8 G SO HD 83 191 287 N04 In 08/04/2015 there were an order of Vietnam Maritime Commercial Joint Stock Bank for Industry and trade to transfer money to their Ha Tay branch the total money need for transferring is 274,000,000 VND Their electronic signature and stamp were fine But there was a mistake : the numbers of payer’s account were wrong because the transaction staff entered wrongly the numbers so The above telegraphic transfer was not successfully implemented After defining the mistake, I was instructed when observing the transaction officer reforming a new remittance order carefully and accurately The new order was transferred successfully I have learnt from this mistake: when preparing the order, a transaction officer needs to be carefully, checking full information, avoiding error payment order which would delay customer’s transfer 2.3 Processing the invalid orders with banking staff Finally, I was assigned to process also the invalid money transfer orders from other bank in case of wrong information such as: identification card, passport or other papers, beneficiary’s name, account, bank, branch If the mistake came from the payer, I would report to transaction staff to instruct the beneficiary bank to contact to the payer for modifying the information concerned In fifteen days since receiving the requirement, if MaritimeBank receive the corrected order, it will pay for the beneficiary If the bank did not receive the corrected one in three days since the requirement sent, I would draft a report to the returned transfer order under this form: Debit A/C error CH/SBV/IBPS Credit A/C TGTT CH/SBV/IBPS Amount of Credit Amount of Credit In case the transaction officers receive restored requirement from transfer bank for 24 | P a g e mistaken transfer, the staffs in the branch together with related account management unit instructed me to deal with as below: + Not entering in beneficiary’s account yet: interbank transfer unit returned the payment order to transfer bank + Entered in beneficiary’s account: According to the regulation, the interbank transfer unit would block the wrong-transfer money in beneficiary’s account and move the restored requirement to Account Management unit 25 | P a g e Chapter III: Targets, achieved results and contributions to the bank 1.Targets:  Getting acquainted with modern system of Maritime Bank  Working well in teller position, doing all request of the customers  Improving skills such as: communication, persuasion and getting valuable experience from all colleagues Achieved results:  Having knowledge about Maritime Bank such as: history, management system, product and services, regulations and rules of the bank Working well in teller position Doing all requests of the customers with high responsibility Creating friendly atmosphere at work Improving skills such as: negotiation, persuasion, listening, computer, collecting information etc  Learning how to use fax, print machine, photocopier and BDS software  Always be active and serious in working  Being patient, careful when working with a lot of numbers and slip forms     Contributions to the bank:  Supporting the staff of Maritime Bank at work  Answering the questions of customers and providing necessary information about products and services to them  Looking for new customers for the bank and creating the relationship between the bank and customers 26 | P a g e CONCLUSION After months of internship, I have many knowledge about products and services of Maritime Bank, especially internal banking transfer services in Vietnam By using modern system and machines, money transfer services are convenient, fast and meet all the demand of customers This internship period helps me gain many valuable experiences to complete my report And I hope my report will provide you the main detail of what I have done in the internship I hope Maritime bank could further develop in the future and become one of the best banks that provided internal banking transfer services in Vietnam 27 | P a g e Appendix Framework Name Find a bank and choose project Begin End date 1/19/2015 2/4/2015 Contact with bank Getting used to bank environment and 2/5/2015 2/10/2015 2/26/2015 3/3/2015 colleagues Reading related documents Studying about Maritime Bank products and 3/4/2015 3/11/2015 3/10/2015 3/18/2015 other services Comparing the inter banking transfer 3/19/2015 3/21/2015 banks in Vietnam Studying about the target customer and their 3/23/2015 3/28/2015 demand Doing specific works and carrying out main 3/30/2015 4/4/2015 mission Participating activities : Carrying out money 4/6/2015 5/2/2015 transfer services in Vietnam in BDS system Arrange all the task which has done then 5/4/2015 5/9/2015 write a report Make a power point to present the project 5/11/2015 5/14/2015 service of Maritime Bank with some other REFERENCES Financial report of the branch 28 | P a g e The report of other student practicing in the branch The website of Maritime bank: http://www.msb.com.vn Other websites Textbook: “international banking” CURRICULUM VITAE I PERSONAL INFORMATION: Full name: NGUYEN VAN ANk Nationality: Vietnamese Date of birth: 9/4/1994 Address: No.109A1, Giang Vo Street, Ba Dinh, Ha Noi E-mail: van.anh.49265@gmail.com Mobile: (+84)0973977073 29 | P a g e II EDUCATION: 2011-2014: Vietnam University of Commerce Major: Finance, banking and insurance 2007-2010: III - Ham Rong high school with good graduation results SKILL: Language: English: good TOEIC: 495 French: beginner - Techniques: Fluent computer skills: Microsoft word, Excel, power point, Good at using officer machine: copier, printer, - Other skills: Team-work and individual-work skill Presentation and Communication skill IV EMPLOYMENT HISTORY: - Practicing in teller position at Bac Giang branch Duration of implement: February to May 2015 The project: “Interbank money transfer analysis at Maritime Bank” V HOBBIES: Listening to music, reading books, travelling, VI REFEREERS:  Mr NGUYEN Hoang – Head of Faculty of VCU international training  Mr NGO Minh Canh – Manager of Maritimebank Bac Giang branch SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness o0o -INTERNSHIP ASSESSMENT  I Organization information - Name of organization: Vietnam Maritime Commercial Joint Stock Bank ( Maritime bank ) – Bac Giang Branch 30 | P a g e - Address : 151 Hung Vuong Str, Hoang Van Thu Precinct, Bac Giang Province, Viet Nam - Tel : 02403.898.666 - Fax : 02403.898.000 - Tutor of the bank: Mr NGO Minh Canh - Tel: 0909340065 II Personal information - Student: Nguyen Van Anh - Class: CNTH7-NTA - Tel: 0973977073 II The internship evaluation After months Ms NGUYEN Van Anh carried out his internship, I have some comments as a manager of Maritime Bank - Van Anh carried out serious and strict followed all Maritime Bank's rules during the internship time - Van Anh has good behavior, attitude, observation and he is active and work well - All the information in the project is all confirmed to be true about Maritime Bank staff - The bank has given good conditions for Van Anh with the belief that she can complete her internship with the best result Bac Giang, May 2015 Signature of tutor bank Confirmed of the 31 | P a g e ... 13 My Missions at MaritimeBank Bac Giang Branch 13 2.1 Implementing the interbank money transfer operations from MaritimeBank’s customers………………………………………………………………………………... Summarize and introduce Maritime Bank, Bac Giang branch and inter banking money transfer services Summary of Maritime Bank 1.1 About Vietnam Maritime Commercial Joint Stock Bank ( Maritime Bank) Established:... Inter Banking Money Transfer Service Summary of Maritime Bank 2 Introduce Maritime Bank Bac Giang Branch .5 Introduce Inter Banking Money Transfer Service