- BancNet
Infobox Interbank Network
name = BancNet
area =Philippines
foundation = 1990
members = 40
atm = Over 2,400BancNet is a
Philippine -basedinterbank network connecting the ATM networks of more than forty localbank s. It is considered the largest interbank network in the Philippines in terms of the number of member banks and annual transactions. The Network'stagline is Nonstop Banking.BancNet is also the exclusive gateway of China
UnionPay , allowing access to the nearly 1 billion ATM cardholders from thePeople's Republic of China .BancNet serves 6 million members with over 2,400 ATMs and more than 8,000 POS terminals.
History
BancNet was founded on
July 17 ,1990 as the Philippines' second ATM consortium when the ATMs of eight banks, PCI Bank (nowBanco de Oro ),Security Bank ,Chinabank , RCBC,Allied Bank , Metrobank,International Corporate Bank (now part of UnionBank), andCitytrust Savings Bank , formed BancNet. Other members have since joined.In
1993 , BancNet signed an interconnection agreement withMegaLink in1997 to give cardholders whose banks are part of either network access to any of their ATMs, which total more than 4,000 nationwide.In that same year, BancNet introduced the Bills Payment product which allows BancNet cardholders to pay their
bill and makedonations tocharitable organizations using any BancNet ATM. This function has since been extended to the online payment gateway, mobile phones, and onEFT-POS terminals.In
1994 , BancNet introduced the Point-of-Sale System, to serve the retail payment requirements of cardholders. This was the same year that thebrand name BancNet Payment System was introduced.In
1997 , BancNet started offering website hosting, email and surfing services to member banks at affordable rates.In
2002 , BancNet started its online banking and payment gateway system which can be accessed through http://www.bancnetonline.com.It was during the anniversary business forum of 2002 that BancNet introduced Interbank Funds Transfer, reportedly the first consortium-run automated transfer facility in the region. The product allows real-time, online transfer of money among the members of BancNet using either the payment gateway, the ATM or a cardholder's
cellular phone .A partnership with
Globe Telecom , the second largest telecoms company in thePhilippines , in2006 allowed BancNet to expand ATM-like functions to the mobile phones of cardholders. This was followed by a similar agreement in early2007 withSmart Communications , the dominant telecoms company, for mobile banking.Other products that BancNet maintains for the member banks include SSSNet for the online payment processing of personal and corporate contributions to the national social security system and Tax Payment Gateway for the online processing of corporate tax payments. A similar online system for the national housing fund (PAG-IBIG Fund) and the national health fund (PhilHealth) is expected to be launched in late 2007.
Members
BancNet is the primary network of the following banks listed below:
A Memorandum of Agreement was signed in
2007 withNationlink (interbank network) , admitting the latter as the first network alliance member of BancNet. This allows all the rural bank members of Nationlink to enjoy the convenience of electronic banking on nearly 7,000 ATMs and more than 8,000Point-of-Sale terminals nationwide.ee also
*
Expressnet
*Interbank network
*MegaLink
*Nationlink
*ATM usage fees External links
* [http://www.bancnetonline.com BancNet]
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