BancNet Inc. prides itself as the pioneer in the ATM service and the leading electronic network in the country. Several years ago, BancNet paved the way as the first ATM consortium to operate in the Philippines. It was a brainchild of three senior bank officers namely: Ramon C. Arceo, Jr., SVP of Philippine Commercial International Bank, Carlos Pedrosa, SVP of Metropolitan Bank and Trust Company (Metrobank), and Jose F. Santos, SVP of Rizal Commercial Banking Corporation (RCBC).

On July 17, 1990, BancNet commenced operation with eight member banks on its roster namely: Philippine Commercial International Bank (now Equitable-PCI Bank), Security Banking Corporation, China Banking Corporation, RCBC, Allied Banking Corporation, Metrobank, Interbank and Citytrust (now BPI Family). Other financial institutions like Citibank N.A. and Philbank eventually joined the team. Today, BancNet is comprised of 27 of the country's largest banks, boasting over 4 million of still growing number of cardholders.

OBancNet, which employs a system patterned after Joint Teller Services Co. (JETCO) in Hong Kong, does not only have the most number of bank members but has the largest volume of transactions as well. The number of ATM transactions further increased when BancNet formed an alliance with Megalink in 1993, giving their clients a wider access to more than 4,000 ATMs nationwide.

O BancNet's success does not only lie on its being the first to offer various line of services in the country. It also confronts the challenges of the modern world by continuously enhancing services and products for the convenience and satisfaction of its member banks' valued clientele.

O"BancNet has the infrastructure already. It is just a matter of time and market acceptance before we introduce additional innovative services," explains Aristeo P. Zafra, Jr., Senior Vice President and Chief Operating Officer of BancNet.

O"I think it's a win-win situation for all parties concerned, not only for the customers, but also for the member banks. You know how stiff competition is in the banking industry. If the banks are not into electronic banking they are considered way behind and not progressive. Customers now are aware of what technologies are presently available in the market."

In 1993, BancNet introduced Bills Payment scheme through the use of the ATM card. BancNet cardholders were given the option to pay their utilities, insurance, cable TV, and telecommunications bills, and even give donations to their chosen charities without the need to look for payment centers.

A year later, BancNet offered the Point-of-Sale (POS) service which allows cardholders to shop, buy groceries, medicines and gas at accredited stores and merchants even without cash and when there is no available ATM within the vicinity. The POS system is almost similar as purchasing goods using a credit card. The difference is, the total amount is instantly debited from the cardholder's account vis-`-vis the credit card system of "buy on credit now, pay later". So in the POS scheme, consumers pay only the exact price of the purchased goods, eliminating additional interest and other hidden charges.

In 1997, BancNet jumped into the technology bandwagon by offering website hosting, email and surfing services to member banks at affordable rates.

Eventually, the consortium introduced the Electronic Data Interchange (EDI) facility, automating company-to-company exchange of data, in 1999. This forerunner of E- Payment services allowed electronic transmission of monthly Social Security System (SSS) contributions of BancNet cardholders.

Before long, BancNet pioneers in innovative services once again when it made InterBank Fund Transfer (IBFT) through the ATM in the Philippines possible. This technology allows a BancNet cardholder to transfer and receive money from another BancNet member bank account.

In 2002, BancNet took advantage of the convenience of the Internet by launching its online banking and payment gateway system. Another milestone in the business, the BancNet Online project aims to provide reliable and secure delivery of services for members, affiliates and clients, here and abroad.

In 2004, in a tie-up with the Bureau of Internal Revenue, it became a tax payment gateway for banks without arrangements for the EFPS facility of BIR.To date, more and more corporations are affiliating with BancNet for their tax payments.

In the days to come, BancNet envisions that more companies that handle recurring payment services from both government and private sector will avail of e-Payment.

BancNet's continuous efforts to improve and broaden its range of products and service undoubtedly catapulted the group as the leading ATM consortium in the country today. According to Zafra, BancNet will remain true to its mission to provide convenient, reliable and secured delivery of financial services to its members and customers through the synergy of member banks' resources and the best utilization of technology.