Sun Life of Canada (Philippines) Inc. has tapped Maybank Philippines Inc. (MPI) to streamline the life insurer’s post-dated cheque safekeeping and monitoring operations.
MPI’s post-dated cheque warehousing system will allow Sun Life to better manage its post-dated checks as it generates daily reports for easy reconciliation and monitoring.
“The customized check warehousing facility provided by Maybank to Sun Life, allows Sun Life to keep track of its PDCs’ status. With our platform they will not miss the maturity of their PDCs, minimize the risk of misplacing or losing checks and they will not have to go through the hassle of making individual deposit slips for every deposit transaction,” said MPI Cash Management Services Head Jojo Castillo.
MPI also assists Sun Life with its day-to-day banking transactions, making it easier for the latter to manage its cash flow.
Sun Life uses MPI’s Maybank2e Regional Cash platform—a corporate internet banking facility that provides real-time information of account activities, deposit and investment balances. With MPI’s platform, Sun Life can manage its total portfolio as it provides a holistic view and complete knowledge of the company’s cash position, allowing it to make strategic decisions.
For his part, MPI Community Distribution Head Joel Carranto said:
“This is a crucial step towards a stronger partnership between the two financial giants. We look forward to doing more business with Sun Life through our other product suites.”