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 belon ...

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 The Bangko Sentral ng Pilipinas (; commonly abbreviated as BSP in both Filipino and English) is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act ...

(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 scheme ...

, 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 most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...

. BancNet is allied with global payment brand

JCB International , formerly Japan Credit Bureau, is a credit card company based in Tokyo, Japan. Its cards are accepted at JCB merchants, and has strategic alliances with Discover Network merchants in the United States, UnionPay merchants in China, American Ex ...

. 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 comb ...

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'' * Di ...

, KFTC, Mastercard, and

Visa Visa most commonly refers to: *Visa Inc., a US multinational financial and payment cards company ** Visa Debit card issued by the above company ** Visa Electron, a debit card ** Visa Plus, an interbank network *Travel visa, a document that allows ...

. 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 Automatic teller machine, 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 Is ...

outsourced its ATM operations to BancNet. On January 30, 2015, BancNet and

MegaLink MegaLink (also spelled Megalink) is a Philippine-based developer of mobile and banking software as well as a service provider for banks, specifically for automatic teller machine networks and point of sale systems of banks in the country. Fro ...

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 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 ...

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 businesspe ...

, 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 partnership with Globe Telecom, 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 Smart Communications Inc., commonly referred to as Smart (and officially stylized/ self-styled as SMART), is a wholly owned wireless communications and digital services subsidiary of PLDT Inc., a telecommunications and digital services provid ...

, 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 f ...

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 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 businesspe ...

* Citibank Philippines * CTBC Bank Philippines * Development Bank of the Philippines * EastWest Banking Corporation *Equicom Savings Bank * Land Bank of the Philippines *

Metropolitan Bank and Trust Company The Metropolitan Bank and Trust Company (), commonly known as Metrobank, is the fourth largest bank in the Philippines. It offers various financial services, from regular banking to insurance. It is the commercial and retail banking arm of GT C ...

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 List of tallest buildings 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 part ...

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 Se ...

* Robinsons Bank Corporation * Security Bank Corporation * Standard Chartered Bank Philippines *

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 savi ...

*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 (Africa), Lake Albert, and Lake Turkana, as ...

(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 Panabo ...

(subsidiary of Banco de Oro) *

BPI Direct Savings Bank Bank of the Philippine Islands ( fil, Bangko ng Kapuluang Pilipinas, es, Banco de las Islas Filipinas, commonly known as BPI; ) is a universal bank in the Philippines. It is the first bank in both the Philippines and Southeast Asia. It is t ...

*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 Cebuana Lhuillier Pawnshop (formerly known as Agencia Cebuana) commonly known as Cebuana, is a Philippine-based pawnshop and the flagship brand of PJ Lhuillier Group of Companies. Jean Henri Lhuillier is the current President and CEO of Cebuana. ...

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 bran ...

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 The Union Bank of the Philippines, Inc., more commonly known as UnionBank, is one of the universal banks in the Philippines and ...

(subsidiary of Union Bank of the Philippines) *

Citystate Savings Bank Citystate Savings Bank () is a publicly listed thrift bank listed in the Philippine Stock Exchange. The bank was a partnership between a group of Filipino businessmen led by Ambassador Antonio Cabangon Chua and a Singaporean investment holding c ...

*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. *

(as independent ATM deployer) *Metro South Coop Bank *MaxBank *

National Confederation of Cooperatives The National Confederation of Cooperatives (NATCCO) is the largest cooperative federation in the Philippines with 760 member cooperatives and Non-governmental Organizations NGO in 77 Provinces and 130 Cities and Municipalities as of June 2015. Hi ...

(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 The Overseas Filipino Bank (OFBank) is the state-owned digital-only, branchless bank in the Philippines. Formerly known as the Philippine Postal Savings Bank (PPSB) or PostBank, it is the smallest of the Philippines' three state-owned banks ( ...

(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 is a Japanese bank. It is a subsidiary of Seven & I Holdings Co., Ltd. (parent company of 7-Eleven Japan and Ito Yokado). Until October 11, 2005, it was , taking its initials from Ito Yokado. Conducting its business primarily through the Interne ...

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 (acquired by EastWest Banking Corporation since 2016) *StarPay (InstaPay only) *

*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

References

External links