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<\/p>\nIn response to the call from the Bangko Sentral ng Pilipinas (BSP) to enhance market and operational efficiency, the country\u2019s largest ATM networks BancNet and Megalink signed last Friday at the BSP a memorandum of agreement for their consolidation, with BancNet as the surviving network. The Bankers Association of the Philippines (BAP) facilitated the unification in support of the BSP\u2019s goal to establish a national retail payment system that will achieve integration, efficiency and inclusiveness in the way the bank customers pay and settle commercial as well as financial transactions.
\nThe consolidation will be consummated when Megalink members join BancNet through a membership activation process without additional costs to the former. BancNet and Megalink combined have a total of 16,431 ATMs installed all over the country as of December 31, 2014.<\/p>\n
Expressnet, the pioneering ATM network in the country, was not a party in the consolidation as BPI had activated its membership in BancNet in April 2013, following similar transfers by the other Expressnet members to BancNet. Previously, Expressnet also outsourced its ATM switch operations to BancNet starting in 2008.<\/p>\n
BancNet and Megalink, under the stewardship of the BAP, jointly formulated an arrangement addressing the requirements of BSP namely: efficiency through a single payment switch, a service-oriented business model with sufficient R&D capability to address advances in technology, and a viable management framework to protect not only the members but the final end-users as well. The stakeholders will strive for an ATM network guided by governance principles consistent with the requirements of a utility company.<\/p>\n
The memorandum of agreement was signed by BancNet Chairman Manuel C. Tagaza and Megalink Chairman Nestor Tan with BSP governor Amando Tetangco, Deputy governor Nestor Espenilla and BAP president Lorenzo Tan as witnesses.<\/p>\n
\u201cThe Bangko Sentral envisions the consolidation to be the first step towards the creation of a National Retail Payment System that ushers economy-wide transaction efficiency and financial inclusion through expanded usage of electronic forms of payment,\u201d said Governor Tetangco.<\/p>\n
Mr. Tagaza said that \u201cthe unification of BancNet and Megalink to create a national payment switch to be operated by BancNet is an affirmation of BancNet\u2019s efforts to provide our industry with a reliable platform through which our customers can transact securely anytime and anywhere they may be.\u201d<\/p>\n
\u201cTogether we become even stronger as we get ready to face the daunting challenges our consolidated network faces in this new era of integrated digital payments; challenges that we can expect to multiply as the users of the system expand to more banks and non-banks,\u2019 he added.<\/p>\n
<\/p>\n
At the MOA signing, from left: Megalink chairman Nestor Tan, BAP president Lorenzo Tan, BSP Governor Amando Tetangco, BSP deputy governor Nestor Espenilla, and BancNet Chairman Manuel Tagaza.<\/i><\/p>\n
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<\/p>\n
CEOs of BancNet and Megalink member banks join the MOA signatories .
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In response to the call from the Bangko Sentral ng Pilipinas (BSP) to enhance market and operational efficiency, the country\u2019s largest ATM networks BancNet and Megalink signed last Friday at the BSP a memorandum of agreement for their consolidation, with BancNet as the surviving network. The Bankers Association of the Philippines (BAP) facilitated the unification […]<\/p>\n","protected":false},"author":4,"featured_media":4201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,1],"tags":[],"class_list":["post-3910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-old","category-uncategorized"],"yoast_head":"\n