Sterling Bank of Asia Receives BNY Mellon Straight-through Processing Award 2022

Sterling Bank of Asia (SBA) has once again received the Straight-Through Processing (STP) Award from The Bank of New York Mellon for its exceptional payment formatting performance in 2022. The award has been consistently granted to the bank for five consecutive years. It is a recognition of SBA's commitment to excellence, and its ability to execute payment formatting performance for MT103/MT202 payments with accuracy and speed in financial operations.

STP is a vital performance indicator in the financial industry, measuring payment processing efficiency. The STP Award is a testament to SBA's fulfillment of BNY Mellon's strict requirements for processing speed, procedural compliance, and secure transactions for offshore transactions.

This accolade reflects the bank's unwavering commitment to excellence and dedication to providing seamless and efficient financial services to its customers. "In the banking industry's dynamic and rapidly evolving landscape, recognition of excellence becomes a crucial benchmark for financial institutions," said SBA President and CEO Cecilio San Pedro.

Sterling Bank Accelerates Adoption of Digital Payments through QR Code

Sterling Bank of Asia (SBA) continues to strengthen its digitization efforts by improving its online banking platform with the implementation of the Sterling Bank QR Pay. Among the BSP-supervised financial institutions, SBA is one of the first thrift banks that has adopted the National Quick Response Code Standard (QRPh).

“The advantage of using QR code is that it facilitates instant payment or fund transfer without the need to manually key in the account details,” said Mr. Cecilio San Pedro, SBA's President and CEO. This lessens the errors and makes fund transfers and payments fast, safe, and convenient.
QRPh makes QR codes of different banks and e-wallets interoperable. Through Sterling Bank’s mobile app, the QR Pay is now accessible to clients -- offering a convenient alternative to sending funds to, or receiving funds from, other QRPh-compliant local banks and e-wallets.

"Now that our customers' financial needs are evolving and transactions are shifting more in favor of e-payments, we want to ensure that our digital platform addresses their banking requirements," added San Pedro. The bank’s online banking facility also allows fund transfers via Instapay and Pesonet. Fees for these transactions, including QR Pay, will remain free until December 31, 2020.
In November 2019, BSP and the payment industry participants launched the National Quick Response (QR) Code Standard. With the growing acceptance and use of contactless payments, it is also set to introduce the person-to-merchant (P2M) transactions via QRPh soon to complement the person-to-person (P2P) transactions.

For more information and updates about Sterling Bank of Asia, visit www.sterlingbankasia.com and download the Sterling Bank Online App to experience secure and convenient banking.