The Bank of the Philippine Islands (BPI) scored back-to-back awards during the 2021 Global Finance Awards. The award-giving body named BPI as Best Cash Management and Best Trade Finance Bank – a clean sweep from the Transaction Banking space.
“We are honored to have been given these awards, especially as the COVID-19 pandemic has impacted the way we go about our businesses these days. One of the biggest challenges is the control of cash flow and liquidity. And to be recognized as a bank that has helped provide our customers with effective tools to manage their cash flow efficiently and in the most cost-effective manner means a lot to us,” said Ana Sison, BPI’s Head of Transaction Services.
The lockdowns observed during the pandemic prompted BPI to further digitize its collections and disbursements processes to address mobility restrictions affecting its clients.
BPI observed flexible enrollment processing procedures to ensure the continued processing of enrollment to its cash management solutions. This allowed BPI customers to enroll in digital banking services to help sustain their daily operations while working remotely.
The Bank also launched its Remote Deposit Capture (RDC) and is the first local bank to roll out a corporate check scanning facility. The RDC system allowed corporate customers to continue to deposit their bulk checks through a corporate check scanning machine installed within their offices. As a result of this initiative, BPI observed a 27% increase in the customer’s average daily deposit balance with the Bank.
Trade Finance Bank
BPI was also recognized for its ability to continue consistently and reliably facilitate trade flows with the Philippines’ major trading partners, even amid the community quarantines imposed around the country in response to the pandemic.
The bank was commended for its relevant digital solutions and responsive client servicing which helped corporate customers adapt to their emergent needs in 2020 and ensured business continuity.
Global Finance regularly selects the top performers among banks and other providers of financial services. These awards have become a trusted standard of excellence for the global financial community.
Winners have been chosen in 75 countries and territories, and regionally across seven categories in Africa, Asia-Pacific, Central and Eastern Europe, Latin America, the Middle East, North America, and Western Europe.
BPI had previously won Finance Asia and The Asset international awards for capital markets performance and financial research.
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