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{{Infobox Interbank Network| name = BancNet| logo = | area = Philippines-based [interbank network connecting the
Automatic teller machine networks of thirty-one 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 7,000 POS terminals.
History
BancNet was founded on July 17,
1990 as the Philippines' second ATM consortium when the ATMs of eight banks,
Philippine Commercial International Bank (now
Banco de Oro), Security Bank, Chinabank, Rizal Commercial Banking Corporation, Allied Bank, Metropolitan Bank and Trust Company,
International Corporate Bank (now part of Union Bank of the Philippines), 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 machine. This function has since been extended to the online payment gateway, mobile phones, and on
EFT-POS terminals.
In
1994, BancNet introduced the
BancNet Payment System 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:
{|class="wikitable" width="75%" align= "center"|-!List of banks in the Philippines || Membership date ||
Automated teller machine|-|align= "center" |
Allied Bank ], 1990 ] || 1997 || Preferred ATM|-|align= "center" |
Banco Filipino ] || 2002 || Kidlat Teller|-|align= "center" |
Centennial Savings Bank ] || July 17,
1990 ] || 1998 || Chinatrust ATM|-|align= "center" |Citibank ], 1990 ] || 2005|-|align= "center" |Citystate Savings Bank ] || 1994 || ATM Access|-|align= "center" |Export and Industry Bank ] || 1997 || Malayan Bank ATM|-|align= "center" |Green Bank (Philippines) || 2006 || G-Card ATM|-|align= "center" |Manilabank to merge with Chinabank ] || 1995 || Merchants Bank ATM|-|align= "center" |
Metropolitan Bank and Trust Company ],
1990 ] || 1997 || Tong Yang Savings ATM|-|align= "center" |
Philippine Bank of Communications ] || 2004 || PostalCash ATM|-|align= "center" |Philippine Savings Bank ] || 1995 || Philtrust Bank ATM|-|align= "center" |
Quezon Capital Rural Bank ] || 2004 || Real Cash ATM|-|align= "center" |Rizal Commercial Banking Corporation ],
1990 ] || 1997|-|align= "center" |Security Bank ],
1990 ] || 1996 || Standard Chartered ATM|-|align= "center" |
World Partners Bank ] 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 7,000
Point-of-Sale terminals nationwide.
See also
External links