East West Banking Corporation (EastWest), one of the country’s most consumer-focused banks, 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 (STP) 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 high STP rate from two of its distinguished correspondent banks abroad means that EastWest was able to deliver almost error-free and as such requiring no manual or human intervention, dollar denominated fund transfers and commercial payments.
This translates to excellent service to customers as they receive the electronic fund remittance faster and in real-time. The Gotianun-led bank also won the same citation from Wells Fargo in 2015.
The awards were based on the stringent evaluation of the quality and accuracy of financial transactions that pass through each of the aforementioned foreign banks.