ENCASH NETWORK SERVICES APPROVED BY BANCNET

ENCASH Network Services (ENS), the Philippines’ first Independent ATM Network, has recently been accepted by BancNet, one of the country’s foremost ATM network companies.  A breakthrough in Philippine banking history, this is the first time than an Independent ATM Network has been approved entry by any local Shared-ATM Consortium.

BancNet’s Executive Committee held a meeting last May 10, 2007, and immediately approved the entry of ENS into its consortium.  Last May 21, BancNet hosted the meeting of the two parties, to formally discuss the probable partnership.

ENCASH Network Services (ENS) 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.

Photo shows (front) BancNet Chairman Angelito Villanueva and ENCASH President Eric Severino.  At the back are 1st Valley Bank President Nicolas Lim, Bangko Kabayan’s Frances Ganzon, Bank of Florida President Teresa David-Carlos, GM Bank President Mitch Gomez, BancNet EVP and COO Aris Zafra, and ENCASH Director Mike Mapa.