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Maybank Philippines, Inc. (MPI) has inked a check cutting services agreement with courier and money transfer firm LBC Express, Inc. (LBC), to streamline the latter's check preparation and releasing transactions.
MPI Transaction Banking Head Martin G. Tirol and LBC CFO Oscar A. Torres led the signing of the payment solution deal recently.
"Through Maybank's payment solution, the Check Cutting Service, LBC can focus more on its core business as they enjoy the convenience of outsourcing the preparation and releasing of their regular check payments to their business partners," said Mr. Tirol
The checks can be redeemed by LBC's business partners through Maybank's 79 branches nationwide.
He added, "Through Maybank's payment solution, LBC will not only get on-time reports for faster and easier account reconciliation, but also reduce cost on its daily operations."
Other signatories to the contract include MPI Cash Management Services Head Conrado T. Castillo and LBC Comptroller Jennifer T. Villena.
Maybank's Check Cutting service is an outsourcing facility for customers that handle the preparation and disbursement of scheduled check payments to their suppliers and payees. It automates check and voucher preparation; enhances the company's productivity; maintains security, control and confidentiality; and facilitates check monitoring and account reconciliation.