Wednesday March 10 2010

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ENCASH & SEEDFINANCE INK AGREEMENT


ENCASH: Creating a Niche in the Industry

ENCASH has made great inroads in providing ATM service to the Philippine countryside. As the first Independent ATM Deployer in the Philippines, ENCASH provides privately-owned ATMs to areas not deemed viable by commercial banks, allowing users in remote locations to conveniently obtain access to their finances. An ENCASH ATM may be found in over seventy (70) partner rural banks, cooperatives, tourist destinations, town halls and other partner entities in more than forty (40) provinces all over the country.

ENCASH started its operations on December 2007 with only five (5) ATMs. In twenty-three (23) months, ENCASH has more than one hundred twenty-two (122) deployed ATMs in Luzon, Visayas and Mindanao. The ENCASH ATM network is now considered to be the 4th largest in the MegaLink community and 10th in the entire industry of sixty (60) financial institutions. ENCASH intends to deploy its 200th ATM by early 2010 at the latest. All ATMs are brand new, compliant with security standards such as 3 DES and EMV, the standards for “smart” cards.

“Through mutually cooperative efforts with our partners, we have carved a niche for our community within the industry.  We intend to continuously evolve to be a relevant service to the people,” stated Eric Severino, ENCASH President. “We remain cautiously optimistic about our performance. Our partnerships with rural banks, cooperatives, marketing entities, and even a diocesan project of the Catholic Church are encouraging proof that indeed, we play a key role in the lives of our countrymen,” he opined.

On September 10, 2009, ENCASH achieved a new feat with successful ATM withdrawal transactions hitting the one (1) million mark, while ENCASH ATMs dispensed more than Php 3 Billion for the year. On the month of October 2009 alone, withdrawal transactions hit a peak of one hundred seventy-nine thousand, one hundred twenty-nine (179,129). The amount dispensed is now circulating in many communities throughout the Philippines, helping boost the local economies and enhancing the financial independence of country folk.

ENCASH users include pensioners, OFW recipients, government employees, and even students. “Our customer base is quite broad, all of them based in the provinces,” Severino pointed out.

ENCASH is not only making giant strides in the deployment of ATMs, but also in the installation of SAVANT, ENCASH’s core banking software. SAVANT is a modern, world-class software suite, compliant with Philippine Financial Reporting Standards (PFRS). SAVANT enables banks to automatically produce reports required by the Bangko Sentral ng Pilipinas. Among its many capabilities, it allows bank management to perform complex data analysis and rapid system-wide query so critical to strategy, effective management decision making and institutional development.

SAVANT capabilities also fulfill requirements of thrift banks and cooperatives. Within 2010, it will replace competition at The Real Bank. The thrift bank located in Quezon City is in the process of migrating its deposit, loans, General Ledger systems and ATM switch to SAVANT. The Real Bank joins GM Bank, Bank of Florida, 1st Valley Bank, 1st TRuBank, New Rural Bank of Agoncillo, Century Rural Bank and Bangko Kabayan in installing this online, real-time software. The latest to join this group is Unity Bank in Pampanga, who will also install the full suite of SAVANT.

“Given its capabilities and the initial acceptance of the market, the company is working to ensure that SAVANT becomes the software of choice for rural banks, thrift banks and cooperatives,” Severino determined.

Meanwhile, Gata Daku Multi-purpose Cooperative (GDMPC) in Misamis Occidental will be the first cooperative to install a SAVANT ATM Savings module. GDMPC will start issuing ATM cards very soon.

As more rural and other financial institutions join the ENCASH network, more Filipinos in the countryside will benefit from these; providing a compelling reason for the company to continuously improve its services and deploy more ATMs.

Posted on November 13, 2009
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