BancNet

From Wikipilipinas: The Hip 'n Free Philippine Encyclopedia
Jump to: navigation, search
BancNet
200px
Operating area Philippines
Members 31
ATMs Over 2,400
Founded 1990

BancNet (also spelled Bancnet) is an interbank network connecting the ATM networks of thirty-one banks in the Philippines. It is the largest ATM network in the Philippines with the most number of members, number of users, and annual transactions.

At present, the BancNet consortium has over 5 million cardmembers complemented by 5,466 ATMs within its network of banks and affiliated switch networks such as ECTK Solutions, Inc. and Nationlink.

With a reputation for continuous service, BancNet adopted a motto as the "Non-Stop Banking Network". In recent years, most notably with the launch of BancNet Online, different mottos were adopted, including BancNet Pwede! (can do) and BancNet Pay Bills. Buy Things. Transfer Funds. The latest was created to make BancNet known for its convenience, speed and reliability: "I-bancnet mo!" (Use BancNet!)

Contents

History

BancNet was founded on July 17, 1990 as the Philippines' second ATM consortium when the ATMs of eight banks, namely PCI Bank (now Equitable PCI Bank), Security Bank, Chinabank, RCBC, Allied Bank, Metrobank, International Corporate Bank (now part of Unionbank), and Citytrust Savings Bank (now BPI Family Savings Bank), formed BancNet. Over time, other members joined the BancNet bandwagon.

In 1993, BancNet made an alliance with MegaLink (which made another alliance with Expressnet in 1997), giving clients whose banks are part of both networks access to any of their ATMs, which total about 4000 nationwide. In the same year, BancNet introduced the "Bills Payment" scheme, which let BancNet cardholders pay their bills and give donations to charitable organizations via an ATM.

A year later, BancNet introduced the Point-of-Sale (POS) service which allowed BancNet cardholders to shop and pay for the items they buy using their Bancnet ATM card, treating their ATM card as a debit card. The service was formerly known as the BancNet Payment System or BPS.

In 1997, BancNet started offering website hosting, email and surfing services to member banks at affordable rates. This led to the rise of the websites of member banks. A short while later, BancNet introduced the Interbank Fund Transfer system (IBFT) via ATM. This allowed BancNet cardholders to transfer money to another Bancnet account.

In 2002, BancNet started its online banking and payment gateway system, which led to users being able to use their computers to access BancNet services.

In 2005, BancNet signed a Memorandum of Agreement to serve as the country's exclusive ATM and POS gateway for China UnionPay (CUP). Currently, all CUP cardholders may perform balance inquiries and cash withdrawals (in Philippine Pesos) in all 2,500 BancNet ATMs as well as shop at all SM Department Stores, Supermarkets, Hypermarkets, Super Sale, Watson's, AM Appliance, Sports Central and Toy Kingdoms using the BancNet Point-Of-Sale System. A subsequent Memorandum of Agreement has been signed between BancNet and the Philippine Department of Tourism to jointly promote usage of all BancNet electronic channels by inbound Chinese tourists.

On July 13, 2005, BancNet and Expressnet have agreed to interconnect.

Members

BancNet is the primary network of the following banks listed below:

Bank Membership date ATM
150px Allied Bank July 17, 1990 Automated Teller
150px Asia United Bank 1997 Preferred ATM
150px Banco Filipino 1994 BF Cash Card ATM
150px Banco San Juan 2002 Kidlat Teller
File:Csb.png Centennial Savings Bank 1998 Centennial ATM
Chinabank Logo.png Chinabank July 17, 1990 Tellercard ATM
150px Chinatrust Commercial Bank 1998 Chinatrust ATM
125px Citibank July 17, 1990 Citibank ATM
Citibank Savings 2005
125px Citystate Savings Bank 1997 City Cash ATM
EWB Logo.png East West Bank 1994 ATM Access
EPCIB Logo.png Equitable PCI Bank July 17, 1990 Fasteller
100px Export and Industry Bank 1997 ExperTeller
File:Mal.png Malayan Bank 1997 Malayan Bank ATM
35px Manilabank 1999 Golden Teller
File:Mcb.png Merchants Savings and Loan Association 1995 Merchants Bank ATM
Metrobank Logo.png Metropolitan Bank and Trust Company July 17, 1990 Metrobank E.T.
150px Orion Bank 1997 Orion Bank ATM
PBCom Logo.png Philippine Bank of Communications 1994 Quick Cash ATM
125px Philippine Postal Savings Bank 2004 PostalCash ATM
PSBank Logo.png Philippine Savings Bank 1994 PSBank ATM
125px Philtrust Bank 1995 Philtrust Bank ATM
125px Real Bank 2004 Real Cash ATM
150px Rizal Commercial Banking Corporation July 17, 1990 myRCBC ATM
RCBC Savings Bank 1997
Sbclogo.png Security Bank July 17, 1990 Cashlink
125px Standard Chartered Bank 1996 Standard Chartered ATM
100px World Partners Bank 2002 World Partners Bank ATM

Former members

See also

External links


Philippine interbank networks
BancNet | ENS | Expressnet | MegaLink | Nationlink

Template:Interbank networks

Original Source

Original content from Wikipedia under GNU Free Documentation License. See full disclaimer.