Wells Fargo recognizes EastWest Bank for its operational, customer service excellence

East West Banking Corporation recently received the Operational Excellence Award from Wells Fargo & Co. for its operational excellence and the highest level of commitment to customers in processing cross-border payments.

This is the 3rd time that Wells Fargo commended EastWest for its operational and customer service excellence. EastWest has received this award in 2020, 2021, and 2022. The Operational Excellence Award is given to top customers who have consistently demonstrated improvement in the quality of operational service levels in the global payments community, reflecting superior transaction processing quality, resulting in higher efficiencies, cost reductions and honored commitment to their own customers.

In a letter signed by Joann Strobel, Managing Director, Head of Corporate and Investment Banking Segment Solutions and Advisory, Global Treasury Management, the award “is a recognition of EastWest’s dedication to serving the evolving needs of customers.”

“Cross-border payments are a critical component of banking relationships in today’s global economy, The need for fast, transparent, and predictable processing is a shared responsibility by all the financial institutions involved. We understand that EastWest looks to Wells Fargo to provide high quality payment processing and outstanding customer experience, and we are especially appreciative of your partnership with us,” Strobel said.

Robert Lin, Head of Global Treasury Management, noted that the bank won the award “with superior transaction processing quality which reflects in three rations: Straight Through Processing (STP) ratio at 96.2%; Inquiry ration at 2.7% and Book Transfer Ratio at 86.9%.”

Martin B. Ordonez, EastWest’s outgoing Bank Operations Head, thanked Wells Fargo for the recognition, adding that this achievement highlights the bank unit’s drive to achieve cost efficiencies and increased productivity by “getting it right the first time” there by reducing error and processing costs.

“The award is a recognition of our Bank’s passion towards providing service excellence to our clients by external parties,” Ordonez said.

Joseph Gerard D. Tiamson, EastWest’s current SVP, Bank Operations Head, added that the bank will work harder to implement automation in more processes, continuous training of staff and officers, and strict adherence to globally established controls and standards.

“We should not rest on our laurels. We will continue to work hard so that we can do better and perhaps be recognized with the same award again next year,” Tiamson said.

He noted that the award is a testament of the Bank’s commitment to provide excellent service to our clients.

“We will go above and beyond to make sure that we deliver our clients’ needs,” he said.

Wells Fargo & Co. is a diversified financial service holding company that offers retail and wholesale banking, and wealth management services to individuals, businesses, high-net-worth individuals, and institutions through its subsidiaries.