Security Bank powers new SMC Consumer Payment Card

Security Bank Corporation (SBC) and San Miguel Corporation (SMC) join the market in welcoming another innovative cashless transaction card in the form of the Sweep Card, a contactless and reloadable cash card.

The Sweep Card is powered by Security Bank’s cash card system and linked to the platform of Autosweep Post Corporation, a wholly-owned subsidiary of SMC, through the facilities of SBC’s cash management system called DigiBanker.

Security Bank is looking to enter into partnerships such as this in order to build up their transaction banking group’s capabilities.

According to Daniel Yu, SBC Head of Transaction Banking Group, “One of the key drivers of growth for 2014 and beyond is our Transaction Banking Group’s performance in integrating our system into several consumer based platforms such as what Autosweep has created. As long as there is a need that has been identified and our system can deliver the promise, we will look into how we can participate and create the model that would build a win-win proposition with our partner.”

SWEEP allows customers to make purchases and reload the card in over 100 retail shops, convenience stores, fast food chain outlets, gasoline stations and toll ways.

Autosweep and SBC share a common commitment to provide technology-based products to a wider consumer market with the ease and convenience of use plus the security to do cashless transactions. Ultimately, it is a commitment to provide better, faster and more secure cashless payments to the common consumers for their day to day purchases.

“This is precisely what Security Bank’s cash card platform and cash management system offers. It is flexible for any industry, hence we don’t build in a closed looped platform but rather we invest in an open loop platform. Hopefully, this will be one of the many applications that our Transaction Banking Group can maximize on,” adds Yu.