Four Billion-Peso Rural Banks Sign Up for a Shared ATM Network Service

Four of the country’s largest and respected rural banks have recently agreed to join the new ENCASH Shared-ATM Consortium.  Named ENCASH Network Services (ENS), the consortium will install a combination of the latest hardware and software to provide members a secure, advanced, modern, and flexible ATM service, which in turn will bring world-class services to cardholders.

The banks, each of whom has assets exceeding PhP1.0B are:

• GM Bank, the second largest Rural Bank in Nueva Ecija
• Bank of Florida, the largest Rural Bank in Pampanga       
• Bangko Kabayan, the largest Rural Bank in Batangas       
• 1st Valley Bank, the fourth largest Rural Bank in the entire Mindanao

ENS, the country’s only independent ATM Transaction Processor, allows member banks to enjoy the benefits of advanced ATM services without the significant investments required for a 24/7 operation.  The software will be u/Switchware in its latest release, 3.11.  Among its many unique capabilities is that u/Switchware Release 3.11 supports the latest standards for security such as 3DES, EMV (for “Smart” cards) and RSA.  In contrast, many Philippine commercial banks are still on the older, soon-obsolete single DES standard.

ENS, in cooperation with ENCASH (IAD), the Philippines’ only Independent ATM Deployer, will install ATMs that utilize the latest PLDT Business Solutions wireless data communication service, Shops.work Unplugged (SWUP).  Within the next few months, customers in the areas of operation of the ENS member banks, will start to enjoy ATM services right where they live.  Soon, the previously tedious and risky need to travel to the next or even many towns away to use an ATM installed at a commercial bank, will be a thing of the past.