China Banking Corporation (China Bank) is a proud recipient of Bank of America Merrill Lynch’s (BAML) award and recognition as a "Top Commercial Payment Partner Bank in the Philippines" by having achieved an exceptionally high Straight Through Processing (STP) rate for the year 2010. BAML acknowledged that China Bank has been extremely successful in delivering correctly formatted commercial payment transactions to BAML for onward processing, eliminating unnecessary manual intervention, additional processing costs as well as unwarranted delays that could easily redound to financial and or reputational damages to the customers as well as for the banks themselves.
China Bank President Peter S. Dee receiving the award from Bank of America Meryll Lynch Senior Vice President Henry T. Pelaez, country manager-Philippines and regional operations head for Singapore, Thailand, Malaysia, Indonesia and the Philippines. Also present at the ceremonial awarding at the China Bank Head Office last October 27 were China Bank’s SVP Ramon R. Zamora (left most) and EVP & COO Ricardo R. Chua (2nd from left), and BAML VP Julian G. H. del Pilar, treasury sales senior officer-Philippines (right most)
“This award recognizes our highly competent operational staff, responsible for almost error free handling of complex SWIFT message types, field data limitations, varying routing codes and account number formats,” said China Bank’s Ramon R. Zamora, senior vice president and head of Centralized Operations Group and Correspondent Banking. He further enthused, “The other very important significance of a high STP rate is that Chinabank has been providing the level of service and care our customers expect in the expediency and accuracy of executing their commercial payments"
In addition, BAML’s Carol Ho, managing director for South East Asia Treasury Services Financial Institution Sales, commented: “at Bank of America Merrill Lynch, we realize how important it is for financial institutions to process payments accurately and cost-effectively without the need for repair and enquiries. It’s important to continue to provide our clients with the resources to help improve their STP rates thus reducing payment processing costs while maintaining high security standards, reliability and operational efficiency.” Ms. Ho congratulated China Bank for "being one of the best payment teams in the Philippines".
Bank of America Merrill Lynch is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,800 ATMs and award-winning online banking with 30 million active users.
China Banking Corporation, established in 1920, is the fourth largest domestic bank in the Philippines in terms of capitalization and the ninth in terms of assets. China Bank offers a wide range of financial products and services through over 280 branches and close to 480 ATMs nationwide (including branches and ATMs of China Bank Savings).