SECURITY Bank was recognized by Retail Banker International (RBI) Asia, a UK-based news journal covering the retail banking and cards and payments space, during the RBI Asia Trailblazer Awards 2014 held at the Hotel Copthorne Waterfront in Singapore.

The award for product excellence in payment innovation was given for the bank’s newest transaction banking innovation, the Sweep Card, which was recently introduced in partnership with Autosweep Post Corp., a wholly-owned subsidiary of San Miguel Corp.

Sweep Card, a contactless and reloadable cash card, is powered by Security Bank’s cash card system and linked to the platform of Autosweep, through the facilities of the bank’s cash management system called DigiBanker. Sweep allows customers to make cashless purchases and reload the card in over 100 retail shops, convenience stores, fast food chain outlets, gasoline stations and toll ways.

Accepting the award for Security Bank were senior vice president and transaction banking group head Daniel Yu and first vice president and cash management division head Joy Ejercito.

RBI Asia cites, “Security Bank’s first NFC-enabled card, Sweep Card, has innovatively gone one step ahead of its competition in the Philippines by introducing the open loop system amidst a closed loop environment, which is a huge achievement. The open loop system reaches a much wider number of merchants and works across a multitude of POS technology providers, which gives the Sweep Card its distinctive leverage.

“The Sweep Card is also multidimensional and has a back-end wallet carrying a separate value, can store loyalty points, and be activated as an ATM card.” (PR)