MegaLink
Encyclopedia
MegaLink is an interbank network
connecting the ATM networks of nineteen* members in the Philippines
with a total of more than 2,921* ATMs nationwide and handling more than 795,000* transactions a day. MegaLink is the largest interbank network in the Philippines with 13.1 million cardholders.
MegaLink is also known for its belief in universal sharing with the motto
of "The Card for All."
(*January 2011 Data)
), Philippine National Bank
, and United Coconut Planters Bank
, MegaLink, with its fundamental belief in universal sharing, became the first operational shared ATM network in the Philippines. It was launched on March 19, 1990 with shared resources of 88 ATMs, a base of 130,000 cardholders, and an average of 200 transactions a day. MegaLink is the first Philippine consortium to link with both BancNet
and Expressnet
. It's Founding and Former Member Equitable Banking Corporation merged with the Philippine Commercial International Bank(PCI Bank) one of the founding members of BancNet
merged to form Equitable PCI Bank thus it became the first bank to be a member of both Megalink and BancNet.
MegaLink Milestones:
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!Bank
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|align= "center" |Asia trust Bank
|-
|align= "center" |Banco de Oro (also a member of Expressnet
and BancNet
)
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|align= "center" |CRBB
|-
|align= "center" |Development Bank of the Philippines
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|align= "center" |ENCASH
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|align= "center" |G-Xchange
|-
|align= "center" |GSIS Family Bank
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|align= "center" |LBC Development Bank
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|align= "center" |MASS-SPECC Cooperative Development Center
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|align= "center" |MAXBANK
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|align= "center" |NATCCO
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|align= "center" |One Network Bank
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|align= "center" |Pacific Ace Savings Bank
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|align= "center" |Planters Development Bank
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|align= "center" |Queen City Development Bank
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|align= "center" |Union Bank of the Philippines
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|align= "center" |United Coconut Planters Bank
|}
Interbank network
An interbank network, also known as an ATM consortium or ATM network, is a computer network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks....
connecting the ATM networks of nineteen* members in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
with a total of more than 2,921* ATMs nationwide and handling more than 795,000* transactions a day. MegaLink is the largest interbank network in the Philippines with 13.1 million cardholders.
MegaLink is also known for its belief in universal sharing with the motto
Motto
A motto is a phrase meant to formally summarize the general motivation or intention of a social group or organization. A motto may be in any language, but Latin is the most used. The local language is usual in the mottoes of governments...
of "The Card for All."
(*January 2011 Data)
History
MegaLink was formed in September of 1989 by Equitable Banking Corporation (now merged with BDO), Far East Bank and Trust Company (now part of BPIBank of the Philippine Islands
Bank of the Philippine Islands is the oldest bank in the Philippines still in operation and is the country's third largest bank in terms of assets, the country's largest bank in terms of market capitalization, and the country's most profitable bank...
), Philippine National Bank
Philippine National Bank
The Philippine National Bank is one of the largest banks in the Philippines, ranking fourth in terms of assets...
, and United Coconut Planters Bank
United Coconut Planters Bank
The United Coconut Planters Bank, more popularly known by its initials, UCPB, or by its old name, Cocobank, is one of the largest banks in the Philippines, ranking within the top twenty banks in the Philippines in terms of assets. The bank, owing to its name, caters heavily to coconut farmers, but...
, MegaLink, with its fundamental belief in universal sharing, became the first operational shared ATM network in the Philippines. It was launched on March 19, 1990 with shared resources of 88 ATMs, a base of 130,000 cardholders, and an average of 200 transactions a day. MegaLink is the first Philippine consortium to link with both BancNet
BancNet
Bancnet, Inc. is a Philippine-based interbank network connecting the ATM networks of more than forty local banks. It is considered the largest interbank network in the Philippines in terms of the number of member banks and annual transactions...
and Expressnet
Expressnet
Expressnet is an interbank network connecting the ATM networks of seven major banks in the Philippines. It is the second-largest ATM network in terms of number of ATMs and the smallest in terms of customers and number of member banks...
. It's Founding and Former Member Equitable Banking Corporation merged with the Philippine Commercial International Bank(PCI Bank) one of the founding members of BancNet
BancNet
Bancnet, Inc. is a Philippine-based interbank network connecting the ATM networks of more than forty local banks. It is considered the largest interbank network in the Philippines in terms of the number of member banks and annual transactions...
merged to form Equitable PCI Bank thus it became the first bank to be a member of both Megalink and BancNet.
MegaLink Milestones:
- 1990 MegaLink became the first shared operational ATM network in the Philippines.
- 1992 The founding banks of ATM BersamaATM BersamaATM Bersama is one of the many interbank networks in Indonesia, connecting the ATM networks of twenty-one banks in Indonesia. It was established 1993 and is based on the model adopted by MegaLink, an interbank network in the Philippines....
, an Indonesian interbank network, turn to MegaLink's expertise as their model for a shared services network which eventually led to a partnership. - 1993 MegaLink launched the Debit Bills PaymentElectronic bill paymentElectronic bill payment is a feature of online banking, similar in its effect to a giro, allowing a depositor to send money from their demand account to a creditor or vendor such as a public utility or a department store to be credited against a specific account...
over the ATMAutomated teller machineAn automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
, as well as Purchases via POS terminals. MegaLink also received the prestigious Asian Institute of Management Award for Information Technology Management and becomes the only ATM network to gain the distinction. - 1994 MegaLink introduced Telephone bankingTelephone bankingTelephone banking is a service provided by a financial institution, which allows its customers to perform transactions over the telephone.Most telephone banking services use an automated phone answering system with phone keypad response or voice recognition capability...
(Phonelink) as the world's first consortium-based phone banking facility. - 1995 With its belief of universal sharing, MegaLink forged an alliance with BancNetBancNetBancnet, Inc. is a Philippine-based interbank network connecting the ATM networks of more than forty local banks. It is considered the largest interbank network in the Philippines in terms of the number of member banks and annual transactions...
for ATM transactions, and links up with VISAVisaVisa or VISA may refer to:* Visa , a document issued by a country's government allowing the holder to enter or to leave that country...
PLUS and MasterCardMasterCardMastercard Incorporated or MasterCard Worldwide is an American multinational financial services corporation with its headquarters in the MasterCard International Global Headquarters, Purchase, Harrison, New York, United States...
CirrusCirrus (interbank network)Cirrus is a worldwide interbank network operated by MasterCard Worldwide, and was founded in 1986. It links MasterCard, Maestro, Diners Club credit, debit and prepaid cards to a network of over 1,000,000 ATMs in 93 countries....
through Equitable Bank for International transactions. - 1996 MegaLink hosted the 1st Philippine Electronic Banking Conference and Exhibition attended by over 300 participants from the industry.
- 1997 MegaLink interconnected with ExpressnetExpressnetExpressnet is an interbank network connecting the ATM networks of seven major banks in the Philippines. It is the second-largest ATM network in terms of number of ATMs and the smallest in terms of customers and number of member banks...
for ATM transactions. - 1998 MegaLink activated the Automated Reconciliation and Settlement System as well as MIS with Transaction Query system to its members.
- 2000 MegaLink successfully migrated through Y2K.
- 2002 MegaLink launched the Exposure Limit Management System (MELMS) to manage inter-bank settlement risks.
- 2003 MegaLink launched Electronic Settlement with Bangko Sentral ng PilipinasBangko Sentral ng PilipinasThe Bangko Sentral ng Pilipinas and commonly abbreviated as BSP is the central bank of the Philippines. It was rechartered on July 3, 1993, pursuant to the provision of the 1987 Philippine Constitution and the New Central Bank Act of 1993...
and becomes the first non-bank to participate in BSPBangko Sentral ng PilipinasThe Bangko Sentral ng Pilipinas and commonly abbreviated as BSP is the central bank of the Philippines. It was rechartered on July 3, 1993, pursuant to the provision of the 1987 Philippine Constitution and the New Central Bank Act of 1993...
's PhilPass. MegaLink also established its Disaster Recovery Site. - 2004 Mobile BankingMobile BankingMobile banking is a term used for performing balance checks, account transactions, payments, credit applications and other banking transactions through a mobile device such as a mobile phone or Personal Digital Assistant . The earliest mobile banking services were offered over SMS...
Service via Smart CommunicationsSmart CommunicationsSmart Communications is a wholly owned mobile phone and Internet service subsidiary of the Philippine Long Distance Telephone Company .On June 30, 2010 the company reported that it had over 45 million cellular subscribers.-Brands:...
, MegaLink Internet PaymentOnline bankingOnline banking allows customers to conduct financial transactions on a secure website operated by their retail or virtual bank, credit union or building society.-Features:...
Service via Union Bank of the PhilippinesUnion Bank of the PhilippinesUnion Bank of the Philippines more commonly known as UnionBank, is one of the largest banks in the Philippines, ranking seventh in terms of assets after its successful merger with smaller competitor International Exchange Bank...
's the PORT as well as Interbank Funds Transfer (IBFT)service were launched. - 2005 MegaLink is the first to implement full ATM Switch OutsourcingOutsourcingOutsourcing is the process of contracting a business function to someone else.-Overview:The term outsourcing is used inconsistently but usually involves the contracting out of a business function - commonly one previously performed in-house - to an external provider...
in the country with iBank as its pilot bank. Debit Bills PaymentElectronic bill paymentElectronic bill payment is a feature of online banking, similar in its effect to a giro, allowing a depositor to send money from their demand account to a creditor or vendor such as a public utility or a department store to be credited against a specific account...
via SMARTSmart CommunicationsSmart Communications is a wholly owned mobile phone and Internet service subsidiary of the Philippine Long Distance Telephone Company .On June 30, 2010 the company reported that it had over 45 million cellular subscribers.-Brands:...
mobile phones becomes available. - 2006 ATM Industry Association (ATMIA) signs up MegaLink as founding member in the Philippines counting the Philippines as its 50th member country.
- 2007 MegaLink opens its membership to non-banks and accepts ENCASH Network Services ENSEncash Network ServiceEncash Network Services, or ENS, is an independent switch network that initially connected the ATMs of four rural banks in the Philippines. In its 30 months of operation as of May 2010, this network has eventually expanded to more than 101, with the main objective of including all rural banks and...
(The Philippines' first independent ATM deployer) and MASS-SPECC Cooperative Development Center (The Philippines' oldest cooperative federation. MegaLink partners with MediLink, the first and only electronic claims network serving the Philippine healthcare industry, to allow MegaLink cardholders to pay for medical services in accredited hospitals and clinics. - 2008 MegaLink was admitted to the Asian Payment Network (APN), which counts ATM networks in Singapore, Malaysia, Thailand and Indonesia as members. This membership paves the way for interconnection of ATM networks between member countries.
- 2009 MegaLink hosted the 5th Asian Payment Network (APN) Forum attended by APN members from Indonesia (ARTAJASA, ALTOALTOALTO is an interbank network in Indonesia. It was founded on 1994. ALTO is owned by PT ALTO Network.-History:In 1984, the automated teller machine was introduced to Indonesia, providing cardholders with around the clock banking services for the first time. Within a few years, many Indonesian banks...
, RINTISPRIMA (Indonesia)PRIMA is one of the interbank networks in Indonesia. PRIMA is owned by PT Rintis Sejahtera. PT Rintis Sejahtera is a Satellite Communication services provider that transmitting digital information within the region and around the world.-Services:* PRIMAMESH...
), Malaysia (MEPSMalaysian Electronic Payment SystemThe Malaysian Electronic Payment System, commonly known as MEPS, is the only interbank network service provider in Malaysia.Malaysian Electronic Payment System formerly known as Malaysian Electronic Payment System Sdn Bhd is a payment consortium owned equally by 12 local banks...
), Thailand (ITMX) and Singapore (NETS). ATM network form Korea (KFTC) and Philippines (BANCNET and EXPRESSNET, non-members of APN was invited to attended as observers. MegaLink also launched Batch-to-online IBFT service.
Members
{|class="wikitable sortable" width="75%" align= "center"|-
!Bank
|-
|align= "center" |Asia trust Bank
|-
|align= "center" |Banco de Oro (also a member of Expressnet
Expressnet
Expressnet is an interbank network connecting the ATM networks of seven major banks in the Philippines. It is the second-largest ATM network in terms of number of ATMs and the smallest in terms of customers and number of member banks...
and BancNet
BancNet
Bancnet, Inc. is a Philippine-based interbank network connecting the ATM networks of more than forty local banks. It is considered the largest interbank network in the Philippines in terms of the number of member banks and annual transactions...
)
|-
|align= "center" |CRBB
|-
|align= "center" |Development Bank of the Philippines
Development Bank of the Philippines
The Development Bank of the Philippines , commonly known by its initials, DBP, is a state-owned development bank in Makati, Philippines.It is the seventh-largest bank in the Philippines in terms of assets, and is the second-largest...
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|align= "center" |ENCASH
|-
|align= "center" |G-Xchange
|-
|align= "center" |GSIS Family Bank
|-
|align= "center" |LBC Development Bank
|-
|align= "center" |MASS-SPECC Cooperative Development Center
|-
|align= "center" |MAXBANK
|-
|align= "center" |NATCCO
|-
|align= "center" |One Network Bank
One Network Bank
One Network Bank, also known as ONB, is a rural bank based in Davao City in the Philippines. Formed in 2004 through the consolidation of Network Rural Bank of Davao del Sur, the Rural Bank of Panabo of Davao del Norte and the Provident Rural Bank of Cotabato, ONB is the largest rural bank in the...
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|align= "center" |Pacific Ace Savings Bank
|-
|align= "center" |Planters Development Bank
Planters Development Bank
Planters Development Bank, more commonly known as Plantersbank, is the largest privately-owned and managed development bank in the Philippines with total assets of over Php 50 billion offering banking products, services and business solutions geared towards promoting Small and Medium Enterprises...
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|align= "center" |Queen City Development Bank
Queen City Development Bank
Queen City Development Bank, also known as Queenbank, is a private development bank based in Iloilo City in the Philippines. Founded in 1981, it has branches operating in key cities all over the country, offering financial services to both companies and individual investors...
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|align= "center" |Union Bank of the Philippines
Union Bank of the Philippines
Union Bank of the Philippines more commonly known as UnionBank, is one of the largest banks in the Philippines, ranking seventh in terms of assets after its successful merger with smaller competitor International Exchange Bank...
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|align= "center" |United Coconut Planters Bank
United Coconut Planters Bank
The United Coconut Planters Bank, more popularly known by its initials, UCPB, or by its old name, Cocobank, is one of the largest banks in the Philippines, ranking within the top twenty banks in the Philippines in terms of assets. The bank, owing to its name, caters heavily to coconut farmers, but...
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