BancNet and ExpressNet signed yesterday an interconnection agreement that will link up the networks of both operators. And since both are connected to MegaLink, then all three will be completely interconnected.
"This is a historic moment for the banking sector, the banking public, and the three operators" said incoming Finance Secretary Margarito B. Teves.
BancNet president Ricardo R. Chua said he does not expect transaction fees to increase with the recent interconnection.
"Convenience for the public is the immediate result of the interconnection," Chua said.
BancNet chairman Angelito M. Villanueva said the fluid interconnection of the three operators is the first condition that the regulators want to achieve. "Maybe next year, let’s see the results of the interconnection first."
For his part, ExpressNet chairman Aurelio R. Montinola said that instead of a merger, the operators would rather place their money by introducing new products and services using the present ATM platform as well as invest in more ATM machines.
Roughly 6,000 ATMs, based mainly in the branches of the commercial banks, will be interconnected through the three operators.
With over 14 million ATM cardholders, some banks have started introducing ATMs that can be used overseas or compatible with ATM machines in other countries.
Prior to the signing, only MegaLink ATM cardholders could access both ExpressNet and BancNet machines.
ExpressNet cardholders can access their accounts through MegaLink ATMs but not through BancNet machines. Likewise, Bancnet ATM cardholders can access their accounts through MegaLink machines but not through ExpressNet ATMs.
The biggest network is ExpressNet, operating a total of 1,680 machines or roughly 34 percent of total ATMs. BancNet is the largest ATM consortium with 25 bank members while MegaLink has 21 member banks.
MegaLink has the largest number of cardholders with 6.7 million, BancNet with 3.9 million, and ExpressNet with 3.5 million.
All expanded commercial banks and commercial banks are ATM members, including a large number of thrift and development banks. Last year, rural banks have started to join the ATM networks.