BancNet: Difference between revisions
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Revision as of 09:17, 11 May 2007
| File:Bancnet Logo.png | |
| 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 second-largest interbank network in the Philippines in terms of users, but is the largest interbank network in terms of member banks and annual transactions.
At present, BancNet has 5 million members with over 2,400 ATMs open 24 hours a day.
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!)
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 Exchange 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 with the Bank of the Philippine Islands being the first Expressnet bank accepting BancNet ATM cards in mid-2006.
Members
BancNet is the primary network of the following banks listed below:
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Former members
See also
External links
| Philippine interbank networks |
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| BancNet | ENS | Nationlink |
| Defunct: Expressnet | MegaLink | |
Interbank networks by region | |||
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| Worldwide | |||
| Africa |
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| Asia |
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| Europe |
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| North America | |||
| Oceania | |||
| South America |
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