MANILA, Philippines–Manila North Tollways Corp., the operator of the North Luzon Expressway, has tapped Maybank Philippines Inc. to streamline its check preparation and releasing transactions, a statement from Maybank showed.
“Through Maybank’s payment solution, called Check Cutting Service, MNTC will enjoy the convenience of outsourcing the preparation and releasing of their regular check payments to suppliers,” Maybank president and CEO Herminio M. Famatigan Jr. said in a statement following the signing of the check cutting services agreement recently.
“MNTC can use selected Maybank branches or all of Maybank’s 79 branches nationwide to release its check payments,” 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, 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.”
MNTC is a unit of Metro Pacific Investments Corp., an infrastructure holding firm with interests in toll roads, power generation, water supply and hospitals.
Metro Pacific, owned by Indonesia’s Salim family, is led by Filipino businessman Manuel V. Pangilinan.
Maybank said in its statement that signatories to the contract with MNTC included MNTC senior vice president for legal, regulatory affairs and government relations Romulo S. Quimbo, vice president for treasury and comptrollership Ma. Theresa O. Wells, Maybank senior vice president and global banking head Manuel A. Castaneda III, and 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.
The bank said 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.–Miguel R. Camus