PHILIPPINES, 5 May 2006 – SunGard today announced that Land Bank of the Philippines (Landbank), a leading Philippine government universal bank, has gone live with SunGard’s TAPS, a retail front- to back-office trust administration solution. TAPS has helped Landbank to streamline its trust banking processing and improve operational efficiencies. TAPS was implemented in the trust department of Landbank’s head office in Malate, the Philippines.
In catering for Landbank’s transaction processing requirements, TAPS offered data integrity and reporting capabilities to help meet the regulatory requirements of the Banko Sentral ng Pilipinas’s (BSP) new legislation for unit investment funds.
Reevie Vegara, head of Landbank’s Trust Banking Group, said, “As a regional solution that supports unit investment funds, TAPS helped us to meet new regulatory requirements with only minor modifications. TAPS also allows us to run Landbank’s trust business on a single solution with inbuilt data integrity checks. TAPS offers Landbank the means to streamline our operational processes as well as providing a platform for growth.
John Wilson, president of SunGard’s Asia Pacific business unit, said, “SunGard is pleased to support Landbank’s vision of growth to become one of the top trustee banks in the Philippines. The success of this implementation indicates the strength of the partnership that exists between Landbank and SunGard, and reflects SunGard’s commitment to the Philippines. In the two years since opening its regional office in Makati City, SunGard has broadened its expertise in this region and now counts four of the top five Philippine banks as customers. SunGard’s global solutions are easily tailored to meet the specific requirements of local regulatory and legislative authorities.”