EastWest gets Wells Fargo's STP Award
April 29, 2013, Malaya
EastWest Bank's efficient formatting, speed of payment and safe transfer procedures did not go unnoticed by Wells Fargo, one of the largest and oldest banks in the United States, bestowing EastWest the Straight Through Processing (STP) award for its exceptional delivery of commercial payments and remittances.
STP is a fully-automated payment processing system without any manual intervention from the correspondent bank, in this case, Wells Fargo, as payments coursed through EastWest were well-formatted upon release. Customers benefit from such efficiency since payment transfers coursed through the correspondent bank (Wells Fargo) by EastWest to the partner banks are safe, and arrive at their destination faster than manual operation.
EastWest is one of the fastest growing banks in the industry over the last six years. Along with expansion of its store network, which is now at 264, EastWest complements its effort to provide customer convenience with continuous operational efficiency improvements.
Wells Fargo provides banking, insurance, investments, mortgage and consumer and commercial finance through more than 9,000 stores, over 12,000ATMs, the internet (wellsfargo.com), with offices in more than 35 countries.
EastWest continuous expansion and operational improvements to the benefit of its valuable customers have received prestigious recognitions. The recent STP award is just among the increasing number of accolades the bank has received from international institutions. In the early part of 2012 EastWest was recognized by The Asian Banker, a highly-credible multinational publication, as the number six strongest bank in the Philippines. In late last year, the Morgan Stanley Capital International, Inc., a leading provider of investment support tools trusted worldwide, included EastWest in its Global Small Cap Indices list.
EastWest opened its doors to the public on August 1, 1994. The bank is a subsidiary of the Filinvest Development Corporation (FDC), the publicly listed holding company of the Filinvest Group that evolved from a consumer business founded by Andrew L. Gotianun, Sr. in 1955. FDC is one of the country's premier conglomerates, with business interests in real estate, banking, sugar, hospitality and tourism, and power-generation. Through the years, EastWest Bank has successfully capitalized on the financial strength and synergy from the business organizations under the Filinvest Group. As it continues to register strong business performance, EastWest remains committed in making good things happen for its clients.
