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BancNet (also spelled Bancnet) is a Philippine-based
interbank network An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belo ...
connecting the ATM networks of local and offshore banks, and the country's single interbank network in the Philippines in terms of the number of member banks and annual transactions. Due to its status as the country's single ATM switch operator, it is designated by the Bangko Sentral ng Pilipinas (BSP) as the country's national ATM network. BancNet is also the exclusive gateway of China's
UnionPay UnionPay (), also known as China UnionPay () or by its abbreviation, CUP or UPI internationally, is a Chinese state-owned financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card sc ...
, allowing access to the nearly 1 billion ATM cardholders from
China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...
. BancNet is allied with global payment brand JCB International. Through this alliance, JCB cardholders can make cash advances at participating BancNet member ATMs nationwide. Bancnet interconnects with international card networks
Diners Club A diner is a small, inexpensive restaurant found across the United States, as well as in Canada and parts of Western Europe. Diners offer a wide range of foods, mostly American cuisine, a casual atmosphere, and, characteristically, a com ...
,
Discover Discover may refer to: Art, entertainment, and media * ''Discover'' (album), a Cactus Jack album * ''Discover'' (magazine), an American science magazine Businesses and brands * DISCover, the ''Digital Interactive Systems Corporation'' * D ...
, KFTC, Mastercard, and Visa. BancNet serves more than 41 million ATM cardholders of its 124 members and affiliates with over 21,000 ATMs and more than 304,000 POS terminals. In 2008,
Expressnet Expressnet is an interbank network connecting the ATM networks of seven major banks in the Philippines. It has the second-largest number of ATMs (largely due to the vast nationwide presence of Bank of the Philippine Islands Express Teller AT ...
outsourced its ATM operations to BancNet. On January 30, 2015, BancNet and MegaLink announced their merger and will retain itself as its brand. With this and having no more competition, BancNet has become the Philippines' single ATM switch and major cashless transactions and payments network operator.


History

BancNet was founded on July 17, 1990, as the Philippines' second ATM consortium when the ATMs of eight banks, PCI Bank (later
Equitable PCI Bank Equitable PCI Bank, Inc. () was one of the largest banks in the Philippines, being the third-largest bank in terms of assets. It was the largest bank before it was overtaken by Metrobank in 1995. It is the result of the merger of Equitable Bankin ...
, now Banco de Oro), Security Bank,
Chinabank China Banking Corporation (; ), commonly known as China Bank, is a Filipino bank established in 1920. It was the first privately owned local commercial bank in the Philippines initially catering to the banking needs of Chinese Filipino business ...
, RCBC, Allied Bank (now part of PNB), Metrobank, International Exchange Bank (now part of UnionBank) and CityTrust Banking Corp. (now part of BPI) formed BancNet. Other members have since joined. In 1994, BancNet introduced the a point-of-sale system to serve the retail payment requirements of cardholders. In 1997, BancNet started offering website hosting, email and surfing services to member banks at affordable rates. In 2002, BancNet started its online banking and payment gateway system. It was during the anniversary business forum of 2002 that BancNet introduced Interbank Funds Transfer, reportedly the first consortium-run automated transfer facility in the region. The product allows real-time, online transfer of money among the members of BancNet using either the payment gateway, the ATM or a cardholder's
cellular phone A mobile phone, cellular phone, cell phone, cellphone, handphone, hand phone or pocket phone, sometimes shortened to simply mobile, cell, or just phone, is a portable telephone that can make and receive calls over a radio frequency link while ...
. A partnership with
Globe Telecom Globe Telecom, Inc., commonly shortened as Globe, is a major provider of telecommunications services in the Philippines. The company operates the largest mobile network in the Philippines and one of the largest fixed-line and broadband networks ...
, the second largest telecoms company in the Philippines, in 2006 allowed BancNet to expand ATM-like functions to the mobile phones of cardholders. This was followed by a similar agreement in early 2007 with Smart Communications, the dominant telecoms company, for mobile banking. A Memorandum of Agreement was signed in 2007 with Nationlink, admitting the latter as the first network alliance member of BancNet. This allows all the rural bank members of Nationlink to enjoy the convenience of electronic banking on 8,000 ATMs and more than 10,000
Point-of-Sale The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice ...
terminals nationwide.


InstaPay

BancNet is the clearing switch operator of real-time electronic funds transfer clearing house InstaPay, one of the two electronic fund transfer services commissioned by the BSP (the other being PesoNet). As of 2022, the service shall be rebranded into ''InstaPay, powered by BancNet''.


Equity members

*
Asia United Bank Asia United Bank Corporation (AUB) is among the very few banks that was granted a full-branch commercial bank license in 1997 and is operating until this day. In 2013, AUB joined the league of Philippine Banks that have become publicly listed and ...
* Banco de Oro * Bank of Commerce * Bank of the Philippine Islands *
China Banking Corporation China Banking Corporation (; ), commonly known as China Bank, is a Filipinos, Filipino bank established in 1920. It was the first privately owned local commercial bank in the Philippines initially catering to the banking needs of Chinese Filipino ...
* Citibank Philippines * CTBC Bank Philippines *
Development Bank of the Philippines The Development Bank of the Philippines (DBP) is a state-owned development bank headquartered in Makati, Philippines. It was established after World War II in 1947 on the government's effort through its mandate to rebuild the country's war to ...
* EastWest Banking Corporation *Equicom Savings Bank * Land Bank of the Philippines * Metropolitan Bank and Trust Company *
Philippine Bank of Communications The Philippine Bank of Communications, more commonly known as PBCOM (), is a commercial bank in the Philippines. It was founded in 1939. The bank's headquarters, PBCom Tower, located in Makati, is the second-tallest building in the Philippin ...
*
Philippine Trust Company Philtrust Bank, formally known as the Philippine Trust Company, is one of the oldest private universal banks in the Philippines. Founded on October 16, 1916, its history parallels the growth of the Philippine banking system. It is the third b ...
* Philippine National Bank *
Philippine Veterans Bank Philippine Veterans Bank, also known as PVB and Veterans Bank, is a commercial bank in the Philippines. The bank is owned by Philippine World War II war veterans and their families and caters to both corporate and retail financial markets. As par ...
*
Rizal Commercial Banking Corporation The Rizal Commercial Banking Corporation (RCBC) () is one of the largest universal banks in the Philippines with total consolidated resources of Php 959 billion. It was established in 1960 as a development bank and is licensed by the Bangko ...
* Robinsons Bank Corporation *
Security Bank Corporation Security Bank Corporation (SBC) is a universal bank in the Philippines. It was established on June 18, 1951, as Security Bank and Trust Company and was the first private and Filipino-controlled bank of the post-World War II period. Security B ...
*
Standard Chartered Bank Philippines Standard may refer to: Symbols * Colours, standards and guidons, kinds of military signs * Standard (emblem), a type of a large symbol or emblem used for identification Norms, conventions or requirements * Standard (metrology), an object t ...
*
Sterling Bank of Asia Sterling Bank of Asia is a savings bank in the Philippines principally owned by the JTKC Group of Companies, Surewell Equities, and Star Equities engaged in diverse industries ranging from logistics to finance, real estate, manufacturing, hotel a ...
*
The Hongkong and Shanghai Banking Corporation The Hongkong and Shanghai Banking Corporation Limited (), commonly known as HSBC (), was the parent entity of the multinational HSBC banking group until 1991, and is now its Hong Kong-based Asia-Pacific subsidiary. The largest bank in Hong K ...
* UnionBank


Other members

*All Bank (formerly Optimum Bank) *Bangko Mabuhay *
Bank of Makati Bank of Makati, (A Savings Bank) Inc. or BMI is a thrift bank established in 1956. It was founded as a rural bank prior to its approval by the Bangko Sentral ng Pilipinas to operate as a thrift bank on April 28, 2015; it officially became a sav ...
*Bankways *
Bayad The bayad (''Bagrus bajad''), is a species of bagrid catfish from Africa. Distribution The natural habitat of the bayad are lakes and rivers in Africa. These include lakes such as Lake Chad, Lake Albert, and Lake Turkana, as well as rivers such ...
(formerly Bayad Center, InstaPay only) *
BDO Network Bank BDO Network Bank (commonly known as BDO NB, formerly One Network Bank or ONB) is a rural bank in the Philippines based in Davao City. Established in 2004 through the consolidation of Network Rural Bank of Davao del Sur, the Rural Bank of Panab ...
(subsidiary of Banco de Oro) * BPI Direct Savings Bank *BPI Family Savings Bank (subsidiary of Bank of the Philippine Islands) *BPI Globe BanKO *Cantilan Bank Inc. *Card Bank, Inc. *CARD SME Bank Inc. * Cebuana Lhuillier Rural Bank * China Bank Savings (subsidiary of China Banking Corporation) *
CIMB Bank CIMB Group Holdings Berhad () is a Malaysian universal bank headquartered in Kuala Lumpur and operating in high growth economies in ASEAN. CIMB Group is an indigenous ASEAN investment bank. CIMB has a wide retail branch network with 1,080 bra ...
Philippines *
Citibank Citibank, N. A. (N. A. stands for " National Association") is the primary U.S. banking subsidiary of financial services multinational Citigroup. Citibank was founded in 1812 as the City Bank of New York, and later became First National City ...
*
City Savings Bank City Savings Bank, commonly known as CitySavings, is a thrift bank subsidiary of Union Bank of the Philippines and established in 1965, founded in Cebu City and also member of the Aboitiz Group of Companies. City Savings is regulated by the Ban ...
(subsidiary of Union Bank of the Philippines) * Citystate Savings Bank *D'Asian Hills Bank * DCPay Philippines Inc. oins.PH(InstaPay only) * Deutsche Bank Philippines *Dumaguete Bank *Dungganon Bank, Inc. *EastWest Rural Bank, Inc. ( d.b.a. Komo, a mostly digital bank) *Enterprise Bank, Inc. *Entrepreneur Bank *EON Bank PH (a UnionBank subsidiary) * GCash Inc. *GoTyme * GrabPay Philippines (InstaPay only) *Isla Bank *JuanCash (InstaPay only) *Katipunan Banking Corporation * KEB Hanah Bank Manila (formerly Korea Exchange Bank) * Lazada Wallet Philippines (applied, for InstaPay only) *Legaspi Savings Bank *Luzon Development Bank *Malayan Savings Bank * Maybank Philippines, Inc. * MegaLink (as independent ATM deployer) *Metro South Coop Bank *MaxBank * National Confederation of Cooperatives (NATCCO) *Opportunity Kauswagan Bank (OK Bank) *Palawan Pawnshop (InstaPay only) *Partner Rural Bank *
PayMaya Maya (formerly known as PayMaya powered by PayMaya Philippines, Inc. and prior to that, as Smart Money powered by Smart e-Money, Inc.), is a Philippine financial services and digital payments company based in Metro Manila, Philippines. Smart ...
Philippines Inc. (Maya Bank) *PBCOM Rural Bank (formerly Banco Dipolog) *Planbank *Philippine Resources Savings Bank * Philippine Business Bank * Philippine Postal Savings Bank (PostBank) *
Philippine Savings Bank The Philippine Savings Bank () (shortened as PSBank or abbreviated as PSB) is a savings bank based in the Philippines. It is a subsidiary of Metrobank and is the 2nd-largest savings bank in the Philippines after BPI Family Savings Bank. Subsid ...
(subsidiary of Metropolitan Bank and Trust Company) *Pito AxM Platforms Inc. (a Seven Bank subsidiary) * Producers Bank * Queen City Development Bank *Quezon Capital Rural Bank, Inc. (QCRB) *RCBC Savings Bank (subsidiary of Rizal Commercial Banking Corporation) *Rural Bank of Tangub City *Security Bank Savings (subsidiary of Security Bank Corporation) * ShopeePay Philippines (InstaPay only) *South Bank, Inc. *
Standard Chartered Bank Philippines Standard may refer to: Symbols * Colours, standards and guidons, kinds of military signs * Standard (emblem), a type of a large symbol or emblem used for identification Norms, conventions or requirements * Standard (metrology), an object t ...
(acquired by EastWest Banking Corporation since 2016) *StarPay (InstaPay only) *
Sterling Bank of Asia Sterling Bank of Asia is a savings bank in the Philippines principally owned by the JTKC Group of Companies, Surewell Equities, and Star Equities engaged in diverse industries ranging from logistics to finance, real estate, manufacturing, hotel a ...
*Sun Savings Bank *Tonik Bank (InstaPay only, not yet serviceable for incoming bank transfers) *UBX Philippines (i2i Mobile ATM, a UnionBank subsidiary) *Yuanta Savings Bank (formerly Tongyang Savings Bank) *UCPB Savings Bank (subsidiary of United Coconut Planters Bank) *WealthBank *World Partners Bank, Inc. *Zambank


See also

*
Expressnet Expressnet is an interbank network connecting the ATM networks of seven major banks in the Philippines. It has the second-largest number of ATMs (largely due to the vast nationwide presence of Bank of the Philippine Islands Express Teller AT ...
* MegaLink * Nationlink (Alliance Member of BancNet) *
ATM usage fees ATM usage fees are the fees that many banks and interbank networks charge for the use of their automated teller machines (ATMs). In some cases, these fees are assessed solely for non-members of the bank; in other cases, they apply to all users. ...
* ENS


References


External links


BancNet
{{DEFAULTSORT:Bancnet Interbank networks Financial services companies of the Philippines Companies based in Makati