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CBS-10 Overseas Remittance and Foreign Exchange Services
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The critical business services (CBS) provided by Metrobank in the realm of Overseas Remittance and Foreign Exchange (FX) Services play a key role in facilitating cross-border financial transactions for individual and institutional clients.
These services are essential for the bank’s operational resilience, ensuring the secure and timely processing of international remittances, currency exchange, and related financial services.
To comply with operational resilience regulations, it is critical to map the processes and resources that support each sub-CBS in this domain. This exercise is integral in identifying and safeguarding the dependencies that could impact the continuity of services during disruptions.
Below is the detailed table mapping the processes and resources associated with each sub-CBS of CBS-10.
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Table P3: Map Processes and Resources for CBS-10
|
Sub-CBS Code |
Sub-CBS |
Processes |
People |
Technology (Applications and Infrastructure) |
Third-party Vendors |
Upstream/Downstream Dependencies |
|
10.1 |
International Remittance Processing |
1. Initiating Remittance Transfers 2. Currency Conversion 3. Fund Settlement |
Remittance Officers Currency Analysts Operations Staff |
Core Banking System (CBS) Remittance Processing Platform Currency Exchange System |
Partner Banks International Remittance Providers |
Bank’s Core CBS Customer Onboarding System Payment Networks |
|
10.2 |
Remittance Partner and Correspondent Bank Management |
1. Partner Onboarding 2. Contract Management 3. Transaction Monitoring |
Vendor Relationship Managers Compliance Officers |
Partner Management System Transaction Monitoring System Compliance Systems |
Correspondent Banks Payment Network Providers |
International Remittance Systems Core Banking System |
|
10.3 |
FX Conversion and Rate Management |
1. Rate Calculation 2. Currency Conversion Execution 3. Monitoring Exchange Fluctuations |
FX Dealers Market Analysts Risk Management Team |
FX Trading System Market Data Systems Currency Management System |
FX Liquidity Providers |
FX Systems International Payment Systems |
|
10.4 |
OFW Remittance Facilitation |
1. Processing OFW Remittances 2. Disbursement to Beneficiaries 3. Compliance Monitoring |
Remittance Staff Customer Service Agents |
OFW Remittance System Compliance System Payment Disbursement System |
Domestic Payment Networks OFW Partner Agencies |
Domestic Remittance Networks Payment Disbursement Systems |
|
10.5 |
Cross-Border Compliance and Sanctions Screening |
1. Monitoring Sanctions Lists 2. Transaction Screening 3. Reporting Suspicious Activity |
Compliance Officers Legal and Regulatory Team |
Sanctions Screening System AML System Transaction Monitoring System |
Regulatory Authorities Sanctions Data Providers |
Payment Networks Correspondent Banks |
|
10.6 |
Customer Enrollment and KYC for Remittance Services |
1. Identity Verification 2. Risk Profiling 3. Account Setup |
KYC/AML Officers Customer Onboarding Team |
KYC System Customer Onboarding Platform Risk Assessment Tools |
KYC Verification Service Providers |
Core Banking System Customer Relationship Management System |
|
10.7 |
Dispute Resolution and Trace Requests |
1. Dispute Logging 2. Transaction Investigation 3. Resolution & Reporting |
Dispute Resolution Team Customer Service Agents |
Dispute Management System Transaction Trace System Customer Service Portal |
External Investigators Third-Party Payment Networks |
Core Banking System Transaction Processing Systems |
|
10.8 |
FX Transaction Settlement and Reporting |
1. Settlement of FX Transactions 2. Reconciliation 3. Regulatory Reporting |
Settlement Officers Reconciliation Team |
FX Settlement System Reconciliation Platform Regulatory Reporting System |
External Auditors Regulatory Bodies |
FX Conversion Systems Bank’s Core CBS International Payment Networks |
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The mapping of processes and resources for CBS-10 Overseas Remittance and Foreign Exchange Services reveals a complex network of interdependencies involving people, technology, third-party vendors, and upstream/downstream systems.
Ensuring the resilience of these critical services requires robust systems for processing, monitoring, compliance, and customer service. By identifying these dependencies, Metrobank can implement the necessary risk management strategies, strengthen service continuity, and comply with operational resilience regulations.
This detailed mapping process is a crucial step in safeguarding the bank’s services from potential disruptions, ensuring the smooth operation of remittance and FX services even under adverse conditions.
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