052206: ATM network service provider taps rural areas

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Posted: 2:29 AM | May 22, 2006

Ronnel W. Domingo

Inquirer

 

Published on page B10 of the May 22, 2006 issue of the Philippine Daily Inquirer

 

TECHNOLOGY-ENABLED BANKing goes to low-volume, underserved markets as an independent automated teller machines provider moves to tap rural areas that big commercial banks find unprofitable to serve.

 

Eric Severino, president of Encash, said his company had launched its network services business last week during the 53rd Annual National Convention of the Rural Bankers Association of the Philippines held in Davao City.

 

Severino said that Encash, with the help of software developer Professional Business Systems Integrators, was offering a secure, advanced, standards-compliant network for rural banks and other savings, thrift and private development banking institutions who find it prohibitive to provide such services by themselves.

 

"Encash intends to bring rural and provincial banks to the forefront of banking technology with this new network," he said.

 

"Encash Network Services would dispel the erroneous perception that rural banks cannot be at par with more established commercial banking institutions, because of their relative lack of advanced software facilities," he added.

 

Severino explained that ENS was aimed at making ATM banking more available and more convenient, especially for those who reside in less accessible provincial areas.

 

"ENS can assure them that distance and time-of-day no longer poses as a hindrance, should they wish to access their bank accounts," Severino said.