EAST West Banking Corp., the financial services unit of the Gotianun-led Filinvest Group, received awards from JP Morgan and Wells Fargo for excellent delivery of commercial payments and fund transfers last year.
East West received this year’s JP Morgan Elite Quality Recognition Award as well as the Wells Fargo Operational Excellence Award for achieving a remarkably high straight-through processing rate of greater than 99 percent in 2016.
STP refers to the end-to-end processing of fully automated and integrated financial transactions, which enable fast, accurate, and reliable execution of payment instructions for customers.
The bank said in a statement Wednesday the high STP rate from two of its correspondent banks abroad meant EastWest was able to deliver almost error-free and as such requiring no manual or human intervention, dollar-denominated fund transfers and commercial payments.
