Metrobank gets award for remittance service

Metrobank was presented with the STP or Straight-Through Processing Award 2008 by Commerzbank AG.

According to Commerzbank, one of Europe’s leading financial institutions and the second-largest in Germany, "The STP Award 2008 is in recognition of Metrobank’s excellent quality in the delivery of EURO-denominated commercial payments and financial transfers throughout the year 2008."

Commerzbank said Metrobank or Metropolitan Bank & Trust Company reached high standards in STP for MT103 and MT202 transactions during the period January to December 2008 for payments drawn on its account with Commerzbank AG, Frankfurt, Germany. MT103 refers to bank-to-individual money transfers, while MT202 is for bank-to-bank money transfers.

"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 has already received an STP Award from the Bank of New York-Mellon for US Dollar-denominated transfers.

"Metrobank utilises modern and technologically advanced systems to keep pace with the stringent requirements of international banking standards, including settlements," explained Suico.

Straight-Through Processing means a fully-automated processing of payment orders without any manual intervention by the clearing bank. STP payments reduce risk of delays or failures in payment through automated and standardised financial transactions. The process also lowers operating and transaction costs and increases operations efficiency.

STP involves using the correct format and placing the correct information in the applicable fields as defined by SWIFT, the Society for Worldwide Interbank Financial Telecommunication, a member-owned cooperative through which the financial world conducts its business operations with speed, certainty and confidence. As a data carrier, SWIFT transports messages between two financial institutions, providing the secure exchange of proprietary data while ensuring its confidentiality and integrity.