Thursday, November 15, 2007 Encash network launches advanced ATM service
ENCASH Network Services (ENS), the Philippines’ first independent ATM (automated teller machine) network, and Encash Independent ATM Deployer (IAD) on Wednesday introduced their Data Center located at the Citibank Plaza in Makati City.
“The launching of the ENS Data Center will coincide with the celebration of our collaboration with reputable technology partners to bring advanced and global standards-compliant technology to the rural banking industry,” said Encash president Eric Severino.
To be showcased in the event are products and services of Active Business Solutions, American Power Conversion, Automated Systems and Equipment Corporation, Diebold Philippines, Inc., DZCard Philippines, Inc., Fujitsu Philippines, Inc., Globe Telecom, Infoman, Kaba Mass, Leadtech, MMO Card Corporation, Nera Philippines, Inc., Omniprime Marketing, Inc., Oracle, Philippine Long Distance Telephone (PLDT) Company, and Trends and Technologies, Inc.
The first non-bank affiliate network of Megalink, ENS is also the first within the consortium to comply with the Triple Data Encryption Standard (3DES) beginning from the ATM itself, to its own ENS ATM host utilizing Release 3.11 of the u/Switchware software application, through to the Megalink switch. 3DES solutions provide enhanced data security over previous solutions which are currently in use by most domestic financial institutions.
To prepare for future higher-level security standards for ATMs, Severino said, ENS has installed the EMV-certified version of u/Switchware, which supports the highly security “smart” card, which has proven to significantly reduce ATM card fraud.
He further said they have partnered with Banco de Oro (BDO) as their settlement and depository bank to ensure that the network and its member rural banks are backed by a leading and reputable universal bank with nationwide presence. Each card-issuing member rural bank will maintain its own account with BDO, and will be issued an internationally recognized Bank Identification Number (BIN).
To date, 19 rural banks, representing an aggregate of 112 branches countrywide, have signed up for various Encash services.
Encash, also the country’s first independent ATM deployer, is set to install more ATMs in remote locations all over the Philippines.
“All Encash ATMs will be deployed using the new PLDT SWUP wireless data communication service, which allows rapid installation and redirection should any be required. Likewise, testing for the equivalent service from Globe Telecoms is ongoing,” Severino explained.
In an initiative primarily associated with the rural bank industry, Encash will assume ownership of the cash inside the machine, as well as the responsibility of periodic cash replenishment.
Aside from the benefits arising from the combined efforts of an independent ATM deployer and an independent ATM network, Encash has also extended its services to cover the development and implementation of an International Accounting Standards-compliant, advanced CORE Banking Solution aptly named SAVANT.
Severino said the combination of Encash services will allow rural banks, no matter their size, to provide world-class ATM services for their own customers.
“The facility of a convenience fee-based ATM operation provides a new source while providing cardholders access to their cash at locations bypassed by commercial banks’ ATM networks,” he added. (Press release)
