BancNet is an interbank network connecting the ATM networks of thirty-four banks in the Philippines. It is the second-largest interbank network in the Philippines in terms of users and transactions, but is the largest interbank network in terms of member banks. Outdoor ATMs may be free-standing, like this kiosk, or built into the side of banks or other buildings For other uses of ATM, see ATM. An automatic teller machine or automated teller machine (ATM) is an electronic device that allows a banks customers to make cash withdrawals and... The essential function of a bank is to provide services related to the storing of deposits and the extending of credit. ...

At present, BancNet has 4 million members with 4,000 ATMs (combined figure of BancNet and MegaLink ATMs) open 24 hours a day.

History

BancNet was founded on July 17, 1990 as the Philippines' first ATM consortium when the ATMs of eight banks, namely PCI Bank (now Equitable PCI Bank), Security Bank, Chinabank, RCBC, Allied Bank, Metrobank, Interbank, and Citytrust Savings Bank (now BPI Family Savings Bank), formed BancNet. Over time, other members joined the BancNet bandwagon. July 17 is the 198th day (199th in leap years) of the year in the Gregorian calendar, with 167 days remaining. ... 1990 is a common year starting on Monday of the Gregorian calendar. ... Equitable PCI Bank (PSE: EPCI) is one of the largest banks in the Philippines, being the third-largest bank in terms of assets. ... The Metropolitan Bank and Trust Company (PSE: MBT), commonly known as Metrobank, is the largest bank in the Philippines in terms of assets and is also the largest Philippine bank in terms of overseas presence. ...

In 1993, BancNet made an alliance with MegaLink (which made another alliance with Expressnet in 1997), giving clients whose banks are part of both networks access to any of their ATMs, which total about 4000 nationwide. In the same year, BancNet introduced the "Bills Payment" scheme, which let BancNet cardholders pay their bills and give donations to charitable organizations via an ATM. 1993 is a common year starting on Friday of the Gregorian calendar and marked the Beginning of the International Decade to Combat Racism and Racial Discrimination (1993-2003). ... MegaLink is an interbank network connecting the ATM networks of twenty-three major banks in the Philippines. ... Expressnet is an interbank network connecting the ATM networks of seven major banks in the Philippines. ... 1997 is a common year starting on Wednesday of the Gregorian calendar. ...

A year later, BancNet introduced the Point-of-Sale (POS) service which allowed BancNet cardholders to shop and pay for the items they buy using their Bancnet ATM card, treating their ATM card as a debit card. This article needs to be cleaned up to conform to a higher standard of quality. ...

In 1997, BancNet started offering website hosting, email and surfing services to member banks at affordable rates. This led to the rise of the websites of member banks. A short while later, BancNet introduced the Interbank Fund Transfer system (IBFT) via ATM. This allowed BancNet cardholders to transfer money to another Bancnet account. 1997 is a common year starting on Wednesday of the Gregorian calendar. ...

In 2002, BancNet started its online banking and payment gateway system, which led to users being able to use their computers to access BancNet services. 2002 is a common year starting on Tuesday of the Gregorian calendar. ...

Members

BancNet is the primary network of the banks listed below. However, banks whose ATMs are affiliated with more than one network (either with Expressnet or MegaLink) are also noted below. Expressnet is an interbank network connecting the ATM networks of seven major banks in the Philippines. ... MegaLink is an interbank network connecting the ATM networks of twenty-three major banks in the Philippines. ...

The following banks are affiliated with BancNet (incomplete):

• Allied Bank
• Asia United Bank
• Banco Filipino
• Banco San Juan
• Centennial Savings Bank
• Chinabank
• Chinatrust Bank
• Citibank
• Citystate Savings Bank
• East West Bank
• Equitable PCI Bank (also a member of MegaLink)
• Export and Industry Bank
• Malayan Bank
• Manilabank
• Merchants Bank
• Metrobank
• Orion Bank
• Philippine Bank of Communications
• Philippine Savings Bank
• Philtrust Bank
• Plantersbank (also a member of MegaLink)
• Postalbank
• Rizal Commercial Banking Corporation (RCBC)
• RCBC Savings Bank
• Real Bank
• Security Bank
• Standard Chartered Bank
• United Overseas Bank
• World Partners Bank

The ATMs of East West Bank, Equitable PCI Bank, Metrobank, and Philippine Savings Bank also accept MegaLink cards. Equitable PCI Bank ATMs also accept Expressnet cards. Chinatown Citibank branch (New York, New York, USA). ... Equitable PCI Bank (PSE: EPCI) is one of the largest banks in the Philippines, being the third-largest bank in terms of assets. ... The Metropolitan Bank and Trust Company (PSE: MBT), commonly known as Metrobank, is the largest bank in the Philippines in terms of assets and is also the largest Philippine bank in terms of overseas presence. ... Standard Chartered Bank (LSE: STAN), (HKSE: 2888) is a British bank headquartered in London with operations in many countries, especially in Asia and Africa. ... United Overseas Bank Limited (SGX: U11) (Mandarin: 大華银行), abbreviated as UOB Bank (華行) is a bank incorporated in Singapore. ...

See also

• Expressnet
• Interbank network
• MegaLink

Expressnet is an interbank network connecting the ATM networks of seven major banks in the Philippines. ... MegaLink is an interbank network connecting the ATM networks of twenty-three major banks in the Philippines. ...

External links

• BancNet