The Rizal Commercial Banking Corp. (RCBC) was named the Best Trade Finance Bank for the third consecutive year, and the Best Cash Management Bank for the second straight year.
The recognition was declared at the Global Banking and Finance (GBAF) awards, organized by the United Kingdom-based Global Banking & Finance Review. The GBAF awards recognize the global financial community’s innovation, success, strategy, and inspired changes. The awards were established to honor businesses of all sizes that succeed in certain areas of competence and achievement in the financial industry.
In considering RCBC as the best trade finance bank, GBAF recognized its strong financial performance over the last year. In 2022, RCBC saw a 35-percent year-on-year (YOY) growth in fee-based revenue from trade services on the back of a 154-percent growth in trade payments.
Its increased focus on customer experience led RCBC to roll out two digital trade services riding on features available on the online banking platform for corporates. These services are aimed at providing a convenient way to submit documents needed for letters of credit application and payments processing.
Meanwhile, RCBC was also recognized for the third time as the Best Cash Management Bank in the Philippines for its foresight and execution. The bank attributes this to its good mix of digital and traditional cash management services that cater to the unique business and regulatory environment where there is continued use of cash and checks.
In 2022, RCBC’s digital payments business grew 37-percent and 52-percent in volume for local high value (PesoNet) and low value (Instapay) electronic peso payments, respectively.
The total value of all types of payment instructions coursed through the bank’s corporate electronic banking platform even broke the Philippine Trillion peso mark for the first time in the Bank’s history.
Furthermore, RCBC’s Global Transaction Banking Group (GTB) recorded a 21-percent YOY deposit portfolio growth and 122-percent revenue increase from previous year.
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