ENCASH NETWORK SERVICES APPROVED
BY MEGALINK, BANCNET

A breakthrough in Philippine banking history, this is the first time that an Independent ATM Network has been accepted by any local Shared-ATM Consortium.  Even more remarkably, both MegaLink and BancNet, the country’s foremost ATM network companies, have approved the entry of ENCASH Network Services (ENS), the Philippines’ first Independent ATM Network, into both consortia.    

MegaLink’s Executive Committee held a meeting last May 4, 2007, and in a letter dated May 7, 2007, announced the approval of ENS’s application as an Affiliate Network member of MegaLink.  Likewise, BancNet officials held a meeting on this matter last May 10, 2007, and has then approved the entry of ENS into its consortium.

ENCASH Network Services currently has four of the country’s most prominent rural banks as its members, namely GM Bank, the second largest in Nueva Ecija; Bank of Florida, the largest in Pampanga; Bangko Kabayan, the largest in Batangas; and 1st Valley Bank, the fourth largest rural bank in the entire Mindanao.  ENS 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.

ENS, the country’s only independent ATM Transaction Processor, also allows member banks to enjoy the benefits of advanced ATM services without having to make 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, u/Switchware Release 3.11 supports the latest standards of 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.