The influx of fintech platforms leaves many options for individuals and companies in choosing the right partner. In a growing economy like the Philippines where there is a fast-paced environment, cost-efficiency of automated services is the competitive advantage that makes the difference.
As one of the leading universal banks in the country, Security Bank has a proven track record with corporate clients. Aside from processing more than one billion pesos worth of transactions daily, its electronic platform for cash management solutions, popularly known as DigiBanker, first gained the trust of government agencies.
“Our electronic government payments system (eGov payments) was introduced nine years ago through DigiBanker to aid the government agencies in serving the public. It utilizes top-security internet operations and streamlines processes for an efficient delivery of quality services,” said Security Bank President and CEO Alfonso L. Salcedo, Jr.
Security Bank remains the only bank that has a fully integrated system with the Philippine Health Insurance Corporation (PhilHealth). The service started as a premium reporting system that has allowed employers to update their records and report their payments. It was introduced in the latter part of 2015 that quickly evolved to a remittance system when it was fully rolled out in 2016. It adopts server-to-server connectivity for streamlined processing of premium contribution settlement and posting.
Soon enough, another government agency, the Home Development Mutual Fund (HDFM) or Pag-IBIG joined the circle when it chose Security Bank as its right partner for e-government solutions. Employers now have the advantage of uploading remittance instructions online through the Pag-IBIG RealTime module. This host-to-host system ensures timely and accurate posting of payments. The Bank and Pag-IBIG now work together to encourage customers on the benefits of automation.
What makes Security Bank a preferred technology partner is rooted in its thrust to play an active role in nation building through helping improve government services. The automation system is not just about cost-efficiency and convenience especially now that technology is evolving faster than expected, cyber security is becoming a top priority at the same time.
The deployment of strict security measures of the DigiBanker benefits the government agencies the most. The online facility utilizes SSL with 256-bit encryption which is the highest and first in local banks along with Verisign EV SGC certification. DigiBanker is fully equipped with technologies that enable ease of large file transfers and provide a more secure platform and firewall.
Cited by the Philippine government to be the first to adopt an online facility for payments of custom duties and taxes, the DigiBanker even enables customers to shorten turnaround time of the release of goods helping port decongestion. The automation also helps the government in preventing issues which may hamper manual payment process. Security Bank was the first bank that launched this process of host-to-host connectivity with the Philippine Clearing House Corp (PCHC) and the Bureau of Customs (BOC), as well as the first bank to offer 24×7 payments capability.
“Our Bank’s continued proactive approach and risk management framework is part of our commitment to deliver the promise of BetterBanking,” Salcedo said.
Security Bank continues to deliver its promise of BetterBanking and sets a benchmark for similar systems in the country and Asia Pacific. It recently emerged as a winner in two public sector award category at the recently concluded The Asset Triple A Awards 2016 held in Hong Kong. It was named ‘Best Regional Specialist’ and ‘Best in Treasury and Working Capital for the Philippines’ under the public sector category in recognition of its efficient government payment services and performance in corporate treasury management, trade finance, supply chain, and risk management.
In the past four years, The Asset has cited Security Bank’s electronic cash management system as the ‘Best e-Solutions Partner Bank in the Philippines’ from 2013-2016. The Asset Triple A Digital Enterprise Awards also recognized Security Bank as the ‘Best Electronic Bank’ in 2015 and 2016.