(also spelled Megalink
) is an interbank network
connecting the ATM
networks of twenty-two* members in the Philippines
with a total of more than 2,716* ATMs nationwide and handling more than 795,000* transactions a day. MegaLink is the largest interbank network in the Philippines with 11.5 million cardholders.
MegaLink is also known for its belief in universal sharing with the motto of "The Card for All."
(*August 2008 Data)
MegaLink was formed in September of 1989
by Equitable Banking Corporation
(now Equitable BDO), Far East Bank and Trust Company (now part of BPI), Philippine National Bank
, and United Coconut Planters Bank
, MegaLink, with its fundamental belief in unversal sharing, became the first operational shared ATM network in the Philippines. It was launched on March 19
with shared resources of 88 ATMs, a base of 130,000 cardholders, and an average of 200 transactions a day. MegaLink is the first Philippine consortium to link with both BancNet
From the very beginning, MegaLink has made a commitment to provide the best reliability, performance and convenience for its members and their cardholders. thus, the company continues to focus on customer satisfaction and total quality management.
Over the years, MegaLink has evolved into a provider and consolidator of state-of-the-art banking solutions for its members and their cardholders. New business initiatives are pursued to explore other service delivery channels brought about by new developments in electronic banking.
MegaLink Mission :
To help members provide value to their customers and end users, MegaLink enables the widest reach and richness of products and services in the business of transferring value while maintaining cost-efficient and reliable operations, through an electronic infrastructure of shared resources and alliances with strategic partners.
MegaLink Vision :
Megalink is the premiere service provider enabling electronic exchange of value among banks and all entities within and beyond Philippine borders.
MegaLink Milestones :
- 1990 MegaLink became the first shared operational ATM network in the Philippines.
- 1992 The founding banks of ATM Bersama, an Indonesian interbank network, turn to MegaLink's expertise as their model for a shared services network which eventually led to a partnership.
- 1993 MegaLink launched the Debit Bills Payment over the ATM, as well as Purchases via POS terminals. MegaLink also received the prestigious Asian Institute of Management Award for Information Technology Management and becomes the only ATM network to gain the distinction.
- 1994 MegaLink introduced Telephone banking (Phonelink) as the world's first consortium-based phone banking facility.
- 1995 With its belief of universal sharing, MegaLink forged an alliance with BancNet for ATM transactions, and links up with VISA PLUS and MasterCard Cirrus through Equitable Bank for International transactions.
- 1996 MegaLink hosted the 1st Philippine Electronic Banking Conference and Exhibition attended by over 300 participats from the industry.
- 1997 MegaLink interconnected with Expressnet for ATM transactions.
- 1998 MegaLink activated the Automated Reconciliation and Settlement System as well as MIS with Transaction Query system to its members.
- 2000 MegaLink successfully migrated through Y2K.
- 2002 MegaLink launched the Exposure Limit Management System (MELMS) to manage inter-bank settlement risks.
- 2003 MegaLink launched Electronic Settlement with Bangko Sentral ng Pilipinas and becomes the first non-bank to participate in BSP's PhilPass. MegaLink also established its Disaster Recovery Site.
- 2004 Mobile Banking Service via Smart Communications, MegaLink Internet Payment Service via Union Bank of the Philippines's the PORT as well as Interbank Funds Transfer IBFT)via ATMs were launched.
- 2005 Debit Bills Payment via SMART mobile phones becomes available. Launched the ATM Switch Outsourcing service with iBank as its pilot bank.
- 2006 ATM Indusry Association (ATMIA)signs up MegaLink as founding member in the Philippines counting the Phillipines as its 50th member country.
- 2007 ENCASH Network Services ENS(The Philippines' first independent ATM deployer) and MASS-SPECC Cooperative Development Center (The Philippines' oldest cooperative federation) were connected as (first and second) non-bank members of MegaLink.
- 2008 MegaLink successfully conducted Disaster recovery simulation.
MEGALINK MANAGEMENT PHILOSOPHY :
Top Management Participation in the Board. The MegaLink Board and Executive Committee consist of member bank CEOs and COOs, supported by a Management Committee that consists of senior business executives of the Banks. The Board sets corporate directions, approves guiding principles, approves plans and budgets. The ManCom has delegated authorities to formulate policies and oversees all other lower committees. The Operations and Projects Oversight Committees have been formed to address issues and concerns more effectively and efficiently. MegaLink, Inc. handles operations and implements all policies, plans and projects.
Service Paradigm. The service paradigm is anchored on the principle that the switch company exists to serve its member banks, in order that the bank can provide the best service to its clients and cardholders.
Key Management Focus
- Customer Satisfaction
- Reliability (Performance, Security, Integrity)
- Cost Efficiency
- Reach of Network
- Range of Services
MegaLink is the primary network of the following banks listed below:
- Active Bank (merged with Planters Bank);
- Asian Banking Corporation (merged with Global Bank then with Metrobank);
- Banco Davao (acquired by All Asia Capital, now declared closed by PDIC);
- Capitol Development Bank (acquired by RCBC Savings Bank);
- DBS Bank Philippines (acquired by Bank of the Philippine Islands);
- Ecology Bank (acquired by Equitable Bank then merged with PCI Bank (Equitable-PCI), now merged with BDO);
- Equitable Bank (merged with PCI bank (Equitable-PCI), now merged with BDO);
- Far East Bank and Trust Company (acquired by Bank of the Philippine Islands);
- Far East Savings Bank (acquired by Bank of the Philippine Islands, now acquired by Sterling Bank of Asia);
- Insular Savings Bank (acquired by Citibank Savings Bank);
- International Exchange Bank (merged with Union Bank of the Philippines);
- Keppel Monte Bank (acquired by GE Money Bank);
- Pilipinas Bank (merged with Prudential Bank, now acquired by Bank of the Philippine Islands);
- Prudential Bank (acquired by Bank of the Philippine Islands);
- Traders Royal Bank(acquired by Bank of Commerce);
- Urban Bank (declared closed by PDIC, now merged with Export and Industry Bank).