BancNet

Infobox Interbank Network
name = BancNet

area = Philippines
foundation = 1990
members = 40
atm = Over 2,400

BancNet is a Philippine-based interbank network connecting the ATM networks of more than forty local banks. It is considered the largest interbank network in the Philippines in terms of the number of member banks and annual transactions. The Network's tagline is Nonstop Banking.

BancNet is also the exclusive gateway of China UnionPay, allowing access to the nearly 1 billion ATM cardholders from the People'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 (now Banco de Oro), Security Bank, Chinabank, RCBC, Allied Bank, Metrobank, International Corporate Bank (now part of UnionBank), and Citytrust Savings Bank, formed BancNet. Other members have since joined.

In 1993, BancNet signed an interconnection agreement with MegaLink in 1997 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 make donations to charitable organizations using any BancNet ATM. This function has since been extended to the online payment gateway, mobile phones, and on EFT-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 the brand 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 the Philippines, in 2006 allowed BancNet to expand ATM-like functions to the mobile phones of cardholders. This was followed by a similar agreement in early 2007 with Smart 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 with Nationlink (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 8,000 Point-of-Sale terminals nationwide.

ee also

*Expressnet
*Interbank network
*MegaLink
*Nationlink
*ATM usage fees

External links

* [http://www.bancnetonline.com BancNet]