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 check 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 T. 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 T. 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.”
MPI and Sun Life’s partnership started in 2005 when Maybank’s Trust department tapped Sun Life by investing its clients’ assets in the life insurer’s mutual funds.
“The products and services of Sun Life was a perfect complement to the investment outlets of MPI’s Trust Department as it saw the strong growth potential of Sun Life. Through the years, its investments grew and the relationship further strengthened and opened more opportunities for the bank,” said MPI Trust head Alan C. Avila.
Being one of MPI’s valued clients, the bank’s Cash Center recently held an information drive on the new generation currency among Sun Life’s customer center managers. The participants were taught about the security features of the new Philippine peso bills and why the Bangko Sentral ng Pilipinas is changing the money in circulation from the old peso bills called the New Design Series to the New Generation Currency. In the same event, MPI recognized the Sun Life branches that have diligently complied with the Bank’s requirements for its post-dated check services for the life insurance firm.. (PR)