INTERBANK network provider Bancnet, Inc. expects a 10-15% increase in
transactions volumes after small banks expressed their interest in the
company's ATM switch outsourcing service.
"ISLA Bank, Inc., Valiant Rural Bank, Inc., D' Asian Hills Bank, Inc.,
Central Equity Rural Bank, Inc., Rural Bank of Canlubang Planters, Inc.
have agreed to tap Bancnet's ATM (automated teller machine) switch
outsourcing services," said Aristeo P. Zafra, Jr., Bancnet executive
vice-president and chief operating officer, in a telephone interview
last week.
Bancnet's monthly average volume of switched ATM transactions reaches
around 30 million, Mr. Zafra said.
He said nine small banks had tapped Bancnet's ATM switch outsourcing
service: BPI Globe BanKO, Wealth Development Bank Corp., Card Bank,
Inc., Producers Savings Bank Corp., Finman Rural Bank, Inc. and
Enterprise Bank, Inc. are current users while Quezon Capital Rural Bank,
Inc. Philippine Postal Savings Bank, Inc. and Tong Yang Savings Bank,
Inc. are still in the testing process.
Another six institutions are reviewing the service, Mr. Zafra claimed.
"Our switch outsourcing service include a card management system, which
enables banks to issue ATM cards," he added.
"It also includes ATM monitoring services to check the status of the ATM
machine whether its online or offline."
Tapping Bancnet's ATM switch system, Mr. Zafra said, will allow small
banks to focus on core businesses such as deposit-taking and lending.
"It will help banks to expand and improve on the services they provide
to their clients," he added.
Using the Bancnet platform means banks do not need to purchase and
install their own ATM switch that costs about $1 million, he said.
Mr. Zafra declined to state specific amounts when asked how much it
would cost to access Bancnet's services, only saying that banks would be
charged either on a per transaction or an annual fee basis.
Bancnet's settlement figures, he said, will continue to increase as the
firm continues to explore functionalities that can be extended across
networks.
"We also plan to provide a new service for our member banks, which is
the cash loading or cash replenishing service, but we are still in the
process of discussing this with banks.
"We target to rollout the service in the first quarter."
The cost, again will also be either on a per transaction or an annual
fee basis.
Bancnet has 89 members with more 6,000 ATM units nationwide and over
16,000 point-of-sale terminals.
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