Now PLDT Business Solutions, partnered with ENCASH, is taking SWUP technology to the countryside, making it possible for rural banks to maintain their own ATM network. A recent contract signing with 1 st Valley Bank, GM Bank, Bangko Kabayan and the Bank of Florida marked a milestone in the Philippines Microfinance, enabling far-flung regions in the country with accessible ATM. Banking customers in the province no longer to worry about commuting to the nearest city to deposit or withdraw money. The convenience of having an ATM in their own hometown and also to eliminates the need for cardholders to withdraw and carry around a large amount of cash. Clearly, when it comes to rural banking wireless is the way to go.
“Rural Banks have to resolve many technological hurdles when planning for ATM deployment,” says Eric J. Severino, President of ENCASH network services, “Data communication, or lack of it, is one. A wireless ATM allows rapid deployment and immediate redirection when the bank decides that the location of the terminal is not suitable.”
PLDT and ENCASH will be providing the 4 rural banks with SWUP-enabled ATMs that will be deployed in remote locations such as Arayat, Palayan City and Zaragoza . SWUP technology allows these ATMs to operate within the coverage of over 6,000 cell sites that serve 99.3% of the country's population. The unmatched wireless coverage will enable the 1 st Valley Bank, GM bank, Banko Kabayan, and the Bank of Florida to deploy their ATMs wherever their branches may be, creating more revenue opportunities for rural bank and enterprises alike and bringing state of the art banking convenience to the rural clientele.
Enabled With a New Banking System
In the long run, deploying wireless ATMs is about more than creating convenience for the rural banking customers. It's about enabling the countryside with the means for sustainable growth. As more and more rural banks opt to SWUP it, it's clear that wireless technology is more than just a trend. It's the catalyst for a change that is long overdue.
“What we're doing today represents something very revolutionary to the banking industry,” says Severino, “SWUP brings many real, immediately realizable advantages to the market. It will also introduce change, possibly disrupting the status quo. This is the first banking system of its kind in the country… it will be a great enabler for commerce.”
“This new system will transform the banking culture in the countryside,” said Eric R. Alberto, PLDT SVP and Head of Corporate Business Group, “ There's also a social aspect to it; if we enable this spectrum of the market with first world services, then our economy will move at a faster pace and will soon mimic the more developed economies.”
Courtesy of Philippine Star Business Section (March 18, 2007)