BANCNET BILLS PAYMENT FACILITY
Our Bills Payment Facility is a multi-channel platform designed for payment collection that is equipped with data reconciliation and settlement capabilities. This facility offers electronic payment reporting to the Biller Partner thru the Biller’s chosen BancNet member depository bank. The available channels are:
- ATMs of BancNet member banks
- BancNet Mobile Banking
- Point of Sale (POS)/ Payment terminals
- Proprietary Electronic Channels of our Member Banks (phone banking, Internet banking and mobile banking)
The cardholders of our member banks can use their ATM cards to pay the bills of the institutions with Bills Payment arrangements with us BancNet. All member banks connected to our ATM Network offer this bills payment facility through their ATMs.
Payment transactions processed through any of our channels are consolidated on the following banking day and reported to the Biller Partner and the Depository Bank on the same day. Reports are accessed and downloaded from our website by the authorized representatives.
A unique feature of our bills payment system is the Account Number Validation. Our system requires a check digit algorithm that will validate the account number keyed in by the subscriber. This feature serves as a security measure in processing electronic transactions as it ensures the correctness and validity of subscriber account or reference numbers.
Advantages to your company and other clients
- Faster collection of payments due to strategic locations of ATMs nationwide;
- Streamlines collection activities;
- Offers an alternative means to the Over the Counter (OTC) services offered by the banks;
- Provides subscribers/customers the convenience of paying bills due to the availability of varied payment channels;
- Eliminates the burden and risk of handling cash in your business centers;
- Minimizes the need to hire collectors or to set up Over- the- Counter (OTC) payment centers thereby resulting to overhead cost-savings;
- Minimizes foot traffic in your place of business;
- Allows you to deal with only one bank for collection of payments and settlement concerns;
- Minimizes human error due to automated programming from both back end host systems;
- Facilitates daily electronic transmittal of payment records for purposes of reconciliation and settlement of bank records;
- Availability of reports for Biller and Banks’ use