MAYBANK Philippines Inc., the local unit of Malaysia’s Malayan Banking Bhd., has been tapped by Manila North Tollways Corp. (MNTC), builder and concessionaire of the 90-km North Luzon Expressway (NLEX), to streamline its check preparation and releasing transactions.
“The deal will enable MNTC to focus more on operating and maintaining the NLEX rather than doing the cutting and releasing of checks. It will also give more convenience to our suppliers due to Maybank’s accessible locations,” MNTC president and chief executive officer Rodrigo Franco said.
For his part, Maybank President and Chief Executive Officer Herminio Famatigan Jr. said, “Through Maybank’s payment solution, the Check Cutting Service, MNTC will enjoy the convenience of outsourcing the preparation and releasing of their regular check payments to suppliers.”
“MNTC can use selected Maybank branches or all of Maybank’s 79 branches nationwide to release its check payments,” Famatigan added.
Franco and Famatigan led the signing of the check cutting services agreement recently.
Other signatories to the contract include MNTC senior vice president for legal, regulatory affairs and government relations Atty. Romulo Quimbo, MNTC vice president for treasury and comptrollership Ma. Theresa Wells, Maybank senior vice president and global banking head Manuel Castaneda 3rd, and Maybank vice president and transaction banking head Martin Tirol.
Maybank’s Check Cutting service is an outsourcing solution for corporate customers that handle the preparation and nationwide disbursement of voluminous check payments to their suppliers and payees.
Maybank’s outsourcing solution automates the check and voucher preparation and enhances the client’s productivity while maintaining security, control and confidentiality of their financial transactions.
The service allows clients to remotely view the status of their check payments through Maybank’s Regional Cash Management platform, which allows fast and convenient check and account reconciliation.
“Through Maybank’s payment solution, MNTC will not only get on-time reports for faster and easier account reconciliation, but also reduce cost on its daily operations,” Famatigan said.