EastWest Bank gets STP citation

MANILA, Philippines - EastWest Banking Corp. has received an award for “its exceptional delivery of commercial payments and remittances.” US financial institution Wells Fargo recognized EastWest Bank for its Straight Through Processing (STP) system. The 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 Bank is one of the fastest growing banks in the industry over the last six years. Along with expansion of its branch 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 12,000 ATMs, the Internet (wellsfargo.com), with offices in more than 35 countries.