Bangko Sentral, MegaLink launches electronic settlement facility

The launch of the Bangko Sentral-Mega-Link electronic settlement facility was pretty low key. It was also a short drive away for Bangko Sentral Governor Rafael Buenaventura to the headquarter of the Philippine National Bank, whose president Lorenzo Tan was co-hosting the launch (in his capacity as MegaLink president) with MegaLink chairman Raul de Mesa.

Developed jointly by the Bangko Sentral and MegaLink, the electronic settlement facility is connected to the Philippine Payments and Settlements System, the country’s real time gross settlement system, through a leased link. Said another way, the facility enables member banks of the MegaLink-branded ATM network to settle inter-bank funds and fees by directly debiting or crediting to the member-bank’s deposit account with the Bangko Sentral. – MJGrey