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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 bank was established by Alfonso Yuchengco on September 23, 1960, as Rizal Development Bank, a small development bank in Rizal province. [13] It was later upgraded to a commercial bank upon the approval of the Bangko Sentral ng Pilipinas and, in 1963, began operation as such under its present name Rizal Commercial Banking Corporation (RCBC).
BancNet was also the brainchild of one of PCIBank's senior officers, Ramon Arceo Jr., the Senior Vice President. The PCIBank Group also had three companies/subsidiaries listed at the Philippine Stock Exchange, namely the mother bank itself (PSE:PCI); Bankard, now an affiliate of RCBC (PSE:BKD); and PCI Leasing and Finance (PSE:PCIL), now named ...
BancNet (also spelled Bancnet) is a Philippine-based interbank network connecting the ATM networks of local and offshore banks, and the largest interbank network in the Philippines in terms of the number of member banks and annual transactions.
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BancNet introduced the BancNet Rewards Points program on August 15, 2009, the first points-based rewards system exclusively for debit purchases in the country. Every Php 25 in spend using an ATM debit or prepaid card of a member bank earned the cardholder 1 point. 2,000 points were needed to redeem the cash rebate of Php 100.