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It commenced operations on July 18 as UnionDigital Bank Inc. [17] In November of the same year, UnionBank's digital banking unit EON merged its operations with UnionDigital Bank. however, UnionDigital Bank continued its existing EON's products and services to its customers after a transition until May 31, 2023. [18] [19]
The company was launched in December 2000 as Smart Money powered by Smart e-Money, Inc., in cooperation with 1st e-Bank (formerly PDCP Bank; now BDO Unibank) and Mastercard. It was claimed that it was the world’s first card linked to a wireless phone and was marketed by Smart Communications as one of the biggest innovations in finance. [4]
The first such banks launched in the Philippines were Tonik, Overseas Filipino Bank, and UnionDigital of UnionBank of the Philippines. Several more banks were approved by the BSP before 2021, when it announced that it would stop approving the establishment of further digital banks for three years, in order to strengthen the industry and assure ...
A key technical aspect of Mobile Number Portability (MNP) involves the routing of calls or mobile messages (SMS, MMS) to a number once it has been ported.Various call routing implementations exist globally, but the International and European best practice employs a central database (CDB) of ported numbers.
A digital bank represents a virtual process that includes online banking, mobile banking, and beyond. As an end-to-end platform, digital banking must encompass the front end that consumers see, the back end that bankers see through their servers and admin control panels, and the middleware that connects these nodes.
To use a financial institution's telephone banking facility, a customer must first register with the institution for the service. They would be assigned a customer number (which is not the same as the account number), and they may be given or set up their own password (under various names) for customer verification.
M-banking [17] is defined as “a feed where the consumer communicates with a bank using a mobile device, such as a mobile phone or personal digital assistant. In that sense, it can be seen as a subset of electronic banking and an extension of internet banking with its own unique characteristics (Laukkanen & Pasanen, 2008).
Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated as the 556th largest bank in the world and the 14th largest bank in Africa. [2] As of March 31, 2018, the bank's asset base was estimated at NGN1, 381 billion (US$4.1billion).