BancNet servicing over 18M cardholders

BancNet is now servicing approximately 18.264 million automated teller machine (ATM) cardholders after it took over the switching operations of ExpressNet in the second semester of 2008.

Prior to the outsourcing relationship with ExpressNet, BancNet had a card base of 6.429 million. ExpressNet has a card base of 11.835 million.

ExpressNet outsourced its ATM switch operations in July last year although full turnover started in the last quarter of 2008. The Bank of the Philippine Islands (BPI) operates Expressnet, which likewise services all its subsidiaries such as BPI Family Savings Bank.

ExpressNet also services the Land Bank of the Philippines (LBP). BancNet is owned by several commercial banks.

In effect, there are now two ATM switch operators with BancNet and Megalink, although all networks are already interconnected.

By the end of 2008, BancNet has 49 members and subscribers, and two switch network affiliates (Nationlink and CTK).

Average daily transactions reached 529,378 although it recorded a record trans-peak volume of over 1.4 million recorded in Nov. 28.

Total transaction recorded in Metro Manila hit 142.5 million as of October 2008.

According to BancNet executive vice president and chief operating officer Aristeo Zafra Jr., the transaction completion rate of 98.66 percent and a 95.79 percent in transaction approval rate.

It also manages 8,484 point-of-sale (POS) terminals, services 1,867 merchant sites, and 74 biller institutions.

Average daily transactions reached 529,378 end November, while average Metro Manila transactions hit 142,500.

Meanwhile, Zafra reminded BancNet cardholders that their ATM cards could also be used for shopping like credit cards, and not merely for withdrawing cash from the machines.

As long as the merchant has a POS terminal connected with BancNet, transactions will be accepted.

“BancNet can offer services beyond ATM cards,” he added.

Banks and non-banking institutions that joined BancNet last year were: Allied Savings Bank; Aurora Intergrated Multi-Purpose Cooperative (AIMCoop); City Savings Bank (based in Cebu); Cooperative Bank of Quezon Province; CTK, Solutions; Deutsche Bank, A.G.; Hongkong Shanghai Banking Corp. Ltd.; HSBC Savings Bank; OCCCI; Philippine Business Bank; Robinsons Savings Bank; Rural Bank of Dapitan; Rural Bank of San Mateo; Visayas Cooperative Central; and the Zambales Rural Bank.