BancNet

BancNet is a Philippine-based interbank network connecting the ATM networks of more than forty local banks. It is considered the largest interbank network in the Philippines in terms of the number of member banks and annual transactions. The Network's tagline is Nonstop Banking.

BancNet is also the exclusive gateway of China UnionPay, allowing access to the nearly 1 billion ATM cardholders from the People's Republic of China.

BancNet serves 6 million members with over 2,400 ATMs and more than 8,000 POS terminals.

History

BancNet was founded on July 17, 1990 as the Philippines' second ATM consortium when the ATMs of eight banks, PCI Bank (now Banco de Oro), Security Bank, Chinabank, RCBC, Allied Bank, Metrobank, International Corporate Bank (now part of UnionBank), and Citytrust Savings Bank, formed BancNet. Other members have since joined.

In 1993, BancNet signed an interconnection agreement with MegaLink in 1997 to give cardholders whose banks are part of either network access to any of their ATMs, which total more than 4,000 nationwide.

In that same year, BancNet introduced the Bills Payment product which allows BancNet cardholders to pay their bill and make donations to charitable organizations using any BancNet ATM. This function has since been extended to the online payment gateway, mobile phones, and on EFT-POS terminals.

In 1994, BancNet introduced the Point-of-Sale System, to serve the retail payment requirements of cardholders. This was the same year that the brand name BancNet Payment System was introduced.

In 1997, BancNet started offering website hosting, email and surfing services to member banks at affordable rates.

In 2002, BancNet started its online banking and payment gateway system which can be accessed through http://www.bancnetonline.com.

It was during the anniversary business forum of 2002 that BancNet introduced Interbank Funds Transfer, reportedly the first consortium-run automated transfer facility in the region. The product allows real-time, online transfer of money among the members of BancNet using either the payment gateway, the ATM or a cardholder's cellular phone.

A partnership with Globe Telecom, the second largest telecoms company in the Philippines, in 2006 allowed BancNet to expand ATM-like functions to the mobile phones of cardholders. This was followed by a similar agreement in early 2007 with Smart Communications, the dominant telecoms company, for mobile banking.

Other products that BancNet maintains for the member banks include SSSNet for the online payment processing of personal and corporate contributions to the national social security system and Tax Payment Gateway for the online processing of corporate tax payments. A similar online system for the national housing fund (PAG-IBIG Fund) and the national health fund (PhilHealth) is expected to be launched in late 2007.

Members

BancNet is the primary network of the following banks listed below:

Bank	Membership date	ATM
Allied Bank	July 17, 1990	Automated Teller
Asia United Bank	1997	Preferred ATM
Banco Filipino	1994	BF Cash Card ATM
Banco San Juan	2002	Kidlat Teller
Centennial Savings Bank	1998	Centennial ATM
Chinabank	July 17, 1990	Tellercard ATM
Chinatrust Commercial Bank	1998	Chinatrust ATM
Citibank	July 17, 1990	Citibank ATM
Citibank Savings	2005	Citibank ATM
Citystate Savings Bank	1997	City Cash ATM
CTK Incorporated	2008
East West Bank	1994	ATM Access
Export and Industry Bank	1997	ExperTeller
Malayan Bank	1997	Malayan Bank ATM
Green Bank	2006	G-Card ATM
HSBC	July 2008	Axcess
HSBC Savings	July 2008
Manilabank to merge with Chinabank	1999	Golden Teller
Merchants Savings and Loan Association to merge with RCBC	1995
Metropolitan Bank and Trust Company	July 17, 1990	Metrobank E.T.
Opportunity Kauswagan Bank	July, 2007
Tong Yang Savings Bank (formerly Orion Bank)	1997	Tong Yang Savings ATM
Philippine Bank of Communications	1994	Quick Cash ATM
Philippine Business Bank	2008
Philippine Postal Savings Bank	2004	PostalCash ATM
Philippine Savings Bank	1994	PSBank ATM
Philtrust Bank	1995	Philtrust Bank ATM
Quezon Capital Rural Bank	2007	QCRB Tellermate ATM
Real Bank	2004	Real Cash ATM
Rizal Commercial Banking Corporation	July 17, 1990	myRCBC ATM
RCBC Savings Bank	1997	myRCBC ATM
Robinsons Savings Bank	2008
Security Bank	July 17, 1990	Cashlink
Standard Chartered Bank	1996	Standard Chartered ATM
World Partners Bank	2002	World Partners Bank ATM

A Memorandum of Agreement was signed in 2007 with Nationlink (interbank network), admitting the latter as the first network alliance member of BancNet. This allows all the rural bank members of Nationlink to enjoy the convenience of electronic banking on nearly 7,000 ATMs and more than 8,000 Point-of-Sale terminals nationwide.