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BancNet was founded on July 17, 1990, as the Philippines' second ATM consortium when the ATMs of eight banks, PCI Bank (later Equitable PCI Bank, now Banco de Oro), Security Bank, Chinabank, RCBC, Allied Bank (now part of PNB), Metrobank, International Exchange Bank (now part of UnionBank) and CityTrust Banking Corp. (now part of BPI) formed BancNet.
The terminal also connects to the member banks through the BancNet switch using the public phone system. The operation is rudimentary: the cashier swipes a customer's ATM card on the terminal and keys in payment amount. The cardholder then selects his bank account and keys in the ATM Personal identification number (PIN). If the requested amount ...
BancNet is also the exclusive gateway of China's UnionPay, allowing access to the nearly 1 billion ATM cardholders from the People's Republic of China. BancNet is allied with global payment brand JCB International. Through this alliance, JCB cardholders can now do cash advances at participating BancNet member ATMs nationwide.
The Express Payment System, more commonly known as the EPS, was the EFTPOS system originally of the ATM cards of Bank of the Philippine Islands and its subsidiaries, BPI Family Savings Bank and BPI Direct Savings Bank. Today [when?], it is the EFTPOS system of the Expressnet interbank network in the Philippines. The system is the most popular ...
Expressnet is known for its Express Payment System (EPS), which was at first the debit card system of the BPI Express Teller ATM card. In 2005, the network expanded to include cardholders of all Landbank E.A.S.Y. ( E xpress A ccess for S avers like Y ou) and Banco de Oro (local and international) ATM cards.
It intends to provide services previously unavailable in more remote areas of the Philippines, such as real-time remittance transfers and electronic bank account access. The network is the first Philippine interbank network to rely largely on wireless communications, specifically on Shops Work Unplugged (SWUP), a product offered by the ...
Information sharing between the BIR and the Local Government Units (LGUs) was also intensified through the LGU Revenue Assurance System, which aims to uncover fraud and non-payment of taxes. To enhance the Bureau's audit capabilities, the use of Computer-Assisted Audit Tools and Techniques (CAATTs) was also introduced in the BIR under her term.
MegaLink was launched on March 19, 1990. MegaLink was linked with both BancNet and Expressnet. In 1992, the banks of ATM Bersama, an Indonesian interbank network, turned to MegaLink's expertise as their model for a shared services network. MegaLink launched the Debit Bills Payment as well as purchases via POS terminals in 1993.