Metrobank remittance cited

Doris Dumlao
Philippine Daily Inquirer
June 17, 2009 23:51:00

MANILA, Philippines—Local banking giant Metropolitan Bank and Trust Co. has won a citation for high-quality remittance service from Commerzbank AG, one of Europe’s leading financial institutions and the second largest in Germany.

It bagged the “STP (straight-through processing) Award 2008” which Commerzbank said was in “recognition of Metrobank’s excellent quality in the delivery of euro-denominated commercial payments and financial transfers throughout the year 2008.”

Metrobank was cited for reaching high standards in the STP category for bank-to-individual money as well as bank-to-bank money transfers during the period of January to December 2008 for payments drawn on its account with Commerzbank AG in Frankfurt, Germany.

“We are glad to be given recognition by one of the largest clearing banks in Europe and in the world, for our efforts in providing the highest level of quality and speed of international payments,” said Metrobank executive vice president Dennis Suico.

In 2006 and 2008, Metrobank likewise received STP awards from the Bank of New York-Mellon for US dollar-denominated transfers.

“Metrobank utilizes modern and technologically advanced systems to keep pace with the stringent requirements of international banking standards, including settlements,” Suico said. “This is in line with our goal of providing the best possible service to our customers as their trusted partner, and becoming the best bank for our stakeholders.”

STP refers to a fully automated processing of payment orders without any manual intervention by the clearing bank, thereby lowering operating and transaction costs and increasing operations efficiency.