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Bank of Commerce ties up with Trans-Fast

HomeNewsBank of Commerce ties up with Trans-Fast

May 1, 2014

Bank of Commerce ties up with Trans-Fast

(Seated from L-R) Trans-Fast/NYPB Network Development Manager Joemel Dela Cruz, Asia Pacific Director Jennifer Ng and COO Louise Ann Manglapus, Bank of Commerce Operations Group EVP Carmelita R. Araneta, Strategic Support Group EVP Atty. Angelica H. Lavares and International Operations Division FVP Alfredo Ayson.(Standing L-R) Bank of Commerce Officers Ruby Soyosa, Robert Arcilla, Allan Cuisia, Marlon Hernandez, Atty. Carmen Sallan, Jeanne Gasmena and Consultant Articer Quebal

In its effort to penetrate the OFW market, Bank of Commerce, forged a remittance service agreement with Trans-Fast Remittance LLC (Trans-Fast) through the latter’s local subsidiary, New York Bay Philippines, Inc (NYBP) last September 20, 2013.

During the early part of 2012, Bank of Commerce launched its Sikap Pinoy Savings Account – an ATM Savings Account that requires no initial deposit and maintaining balance that is specifically designed for the OFWs and their beneficiaries. For over a year now, the bank has been opening at least 10,000 of these accounts per month – a natural remittance destination waiting to be serviced by Trans-Fast. Other than remittances intended for credit to accounts, Bank of Commerce agreed to service Trans-Fast’s cash payout either in Philippines Peso (PHP) or US Dollars (USD). All services will run on a straight-through process platform to provide the clients fast and efficient service delivery.

Bank of Commerce is a medium sized bank, ranked 16th among local commercial banks in terms of assets. To date, the Bank has 122 strategically located branches and 368 ATMs located in on-site and offsite locations bringing our brand of service closer to our customers.

Trans-Fast, headquartered in New York USA, is a leading worldwide money service operator since 1988. Its network is spread over 90 countries with more than 270,000 locations. Its global presence has a stronghold in North and Latin America, United Kingdom, Middle East, South East Asia and Australia.

The partnership is a very good balance between Bank of Commerce’s local marketing efforts and Trans-Fast’s vast network in OFW destination countries.

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