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Maybank Philippines, Inc. has been tapped by Manila North Tollways Corp. (MNTC), builder and concessionaire of the 90-km NLEX, to streamline its check preparation and releasing transactions.
MNTC President and CEO Rodrigo E. Franco and Maybank President and CEO Herminio M. Famatigan, Jr. led the signing of the check cutting services agreement recently.
“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,” said Mr. Famatigan.
He added, “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.”
For his part, Mr. Franco said “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.”
Other signatories to the contract include MNTC Senior Vice President for Legal, Regulatory Affairs and Government Relations Atty. Romulo S. Quimbo, MNTC Vice President for Treasury and Comptrollership Ma. Theresa O. Wells, Maybank Senior Vice President and Global Banking Head Manuel A. Castaneda III, and Maybank Vice President and Transaction Banking Head Martin G. 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. This 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.