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Sunday, February 03, 2008

BancNet welcomes two new banks

ATM operator BancNet has two new bank members bringing the total to 33 banking institutions. The new members are Allied Savings Bank and Producers Bank.

Allied Savings is a wholly-owned subsidiary of Allied Bank and has 18 branches mostly located in Southern Luzon. Producers Bank, on the other hand, is a rural bank with a network of 39 branches located in Northern and Central Luzon and in the Bicol region.

The ATM cardholders of these banks and cooperatives will be able to get cash and know their account balances wherever there are BancNet, ExpressNet and MegaLink ATM.

There are over 7,400 ATMs and 21 million ATM cards nationwide.

However, they can pay their bills and purchases using their ATM card only in BancNet ATMs and payment terminals, BancNet said in a statement.

BancNet being a multi-channel network, these cardholders can also transact through www.bancnetonline.com and BancNet mobile banking.

On the other hand, the ATMs of these banks represent additional cash access points for over 16 million cardholders of the three ATM consortia when they are in remote areas of the country.

BancNet chairman Angelito M. Villanueva said that these alliances are in line with the consortium’s thrust to bring electronic banking to the countryside.

As of the end of 2007, BancNet had 5.5 million cardholders and 2,621 ATMs.

Meanwhile, the Social Security System (SSS) opened an Internet-based payment system for individual members using BancNet’s online facility. Only individual members who are BancNet ATM cardholders of participating banks can pay their contributions through BancNet Online without enrolling. Under the online facility, payments will be remitted to SSS through electronic transfer. [source of good news]

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