ENCASH NETWORK SERVICES SIGNS UP WITH MEGALINK

ENCASH Network Services (ENS), the Philippines’ First Independent Automated Teller Machine Network, has announced its partnership with MegaLink, one of the country’s leading shared-ATM networks. 

In a letter dated May 7, 2007, MegaLink stated its approval of ENS’s application to be an Affiliate Network member of their ATM consortium. 

Two of the country’s premier shared-ATM networks announced their approval of our application to be a non-bank affiliate network member of their respective groups.  However, after thoroughly weighing our business options, our officials and partner rural banks elected to join MegaLink,” ENCASH President Eric Severino said. 

Severino said that “We are extremely delighted as these developments are considered a breakthrough in Philippine banking history.  We are the only independent ATM network to be accorded such status.”

ENCASH Network Services has four of the country’s most prominent rural banks as its members:  GM Bank, the second largest rural bank 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. 

“We will install a combination of the most up-to-date hardware and software to provide our members with a secure, advanced, modern, and flexible ATM service, which in turn will bring world-class services to cardholders,” Severino said.

The country’s only independent ATM Transaction Processor, ENS 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. 

Severino explained that the software will be u/Switchware in its latest release, 3.11.  Among its many unique capabilities, he said, u/Switchware Release 3.11 supports the latest security standards 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.