AUTOMATED teller machine (ATM) networks BancNet Inc. and Megalink have formally merged, with the former as the surviving entity.
Bankers’ Association of the Philippines (BAP) President Lorenzo V. Tan said BAP, BancNet Inc. and Megalink have already signed the agreement that was submitted to Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. on Friday night.
“It was signed already. It’s finally signed. It’s just an agreement to join the two networks. BancNet will survive. We haven’t decided what to name it. We will come up with a common name,” Tan told the BusinessMirror.
The banking community is finally moving on a single switch, after about two decades of talks about the consolidation.
“This is a milestone that we’ve been looking forward to. The way to the greater goal of establishing a national retail-payment system that will achieve interoperability, efficiency, security and inclusiveness
in the way we set up financial transactions. The BSP is pleased that banking community is fully engaged with us in the implementation of prudent and systematic banking reforms,”
Tetangco said in a speech.
He congratulated the banking sector for its “job well done last year.” He said Philippine banking system is sound, profitable and stable and responsive to the needs of the economy.
The banking sector is also responsible in managing the funds entrusted
to them by customers and were increasingly financially inclusive.
Tetangco cited the banking sectors contributions, such as the growing number of deposit account starting with children, the greater use of electronic money, the expanding of size of microfinance portfolio and the wider coverage of ATMs.