Three more banks join BancNet
Three more banks recently joined the ranks of BancNet, the country’s largest electronic banking consortium and ATM network. These are Bank of Commerce, Philippine Veterans Bank, and CARD Bank. The three bring the consortium’s membership roster to 62 and its ATM network to 4,614.
Bank of Commerce is one of the largest banks in the country with 117 branches and over 150 ATMs nationwide. It has over 70,000 ATM cardholders.
Philippine Veterans Bank is a private commercial bank with 60 branches in Metro Manila and key cities in the countryside. It is owned by Filipino World War II veterans and serves as a depository bank of the government. As such, it serves some 90,000 ATM cardholders through its 102 ATMs and with a wide array of other banking services.
The newest member, CARD Bank is a rural bank that specializes in microfinance. Based in
Bank of Commerce and Veterans Bank were previously with another ATM network. Like five other banks before them (Equicom Savings Bank, HSBC, Maybank, PNB,and Robinsons Bank), they moved to BancNet in order to give their ATM cardholders more electronic banking services for their greater convenience. These include payment of purchases at more than 20,000 shops, mobile banking, mobile shopping, online banking, online shopping, online remittance of SSS contributions and loan repayments, and online payment of taxes. More bills can also be paid through BancNet.
BancNet’s extensive ATM network is available not only to its members’ 9.5 million ATM cardholders but also to cardholders of the other two networks for balance inquiry and cash withdrawal. BancNet ATMs are also available to holders of foreign-issued JCB, Mastercard, VISA, China Union Pay, and Discover cards.
Present during the signing of the membership agreement of Card Bank (from left): RCBC (settlement bank) executive vice president Ismael R.Sandig, Card Bank executive vice president Lorenza DT Banez, president Dolores M. Torres , BancNet chairman Ricardo R. Chua, president Francisco M. Caparros, Jr. and executive vice president and chief operations officer Aristeo P. Zafra, Jr.
posted: January 10, 2011