MegaLink
From Wikipedia, the free encyclopedia
| MegaLink | |
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| Operating area | Philippines |
| Members | 23 |
| ATMs | 1,668 |
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| Founded | 1989 |
MegaLink (also spelled Megalink) is an interbank network connecting the ATM networks of twenty-three major banks in the Philippines. It is the second-largest interbank network in the Philippines in terms of member banks.
MegaLink is also known for its belief in universal sharing with the motto of "The Card for All."
At present, MegaLink has 4.1 million customers and has 2,034 ATMs operating 24 hours a day. However, if the BancNet and Expressnet ATMs are counted, MegaLink has a hold on 7,145 ATMs nationwide.
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[edit] History
MegaLink was formed on September of 1989 as the first ATM consortium in the Philippines. Consisting of Equitable Banking Corporation (now Equitable PCI Bank), Far East Bank and Trust Company (now part of BPI), Philippine National Bank, and United Coconut Planters Bank, MegaLink became operational on March 19, 1990 with a total of 88 ATMs, 130,000 customers, and an average of 200 transactions a day.
In 1993, ATM Bersama, an Indonesian interbank network, looked to MegaLink to establish its model, which eventually led to a partnership. Bills payment via ATM was also launched that year, as well as PayLink, the MegaLink EFTPOS network. In 1994, MegaLink ATM cardholders were opened to the outside world when Equitable Bank linked its ATMs to the PLUS and Cirrus networks of VISA and MasterCard respectively. PhoneLink, the MegaLink telephone banking service, was also launched.
With its belief in universal sharing, MegaLink forged an alliance with BancNet in 1995 and with Expressnet on May 6, 1997.
Internet banking and mobile phone banking for Smart customers were launched in 2004, while bill payment facilities to Smart subscribers became available in 2005. Inter-bank funds transfer via the ATM was also launched in 2004.
Today, MegaLink is known as the largest Philippine ATM consortium, with 9.5 million customers, 23 member banks, and 300,000 transactions.
MegaLink Mission : To help promote economic growth, we enable the swift exchange of money & information using shared resources to serve account holders, member banks and other partners with convenient & cost-effective electronic access to accounts anytime, anyhow, anywhere.
MegaLink Vision : We are the premier service provider for electronic exchange of Financial Transactions & Information in the Country.
MEGALINK MANAGEMENT PHILOSOPHY : Top Management Participation in the Board. The MegaLink Board and Executive Committee consist of member bank CEOs and COOs, supported by a Management Committee that consists of senior business executives of the Banks. The Board sets corporate directions, approves guiding principles, approves plans and budgets. The ManCom has delegated authorities to formulate policies and oversees all other lower committees. The Operations and Projects Oversight Committees have been formed to address issues and concerns more effectively and efficiently. MegaLink, Inc. handles operations and implements all policies, plans and projects. Service Paradigm. The service paradigm is anchored on the principle that the switch company exists to serve its member banks, in order that the bank can provide the best service to its clients and cardholders.
Key Management Focus
- Customer Satisfaction
- Reliability (Performance, Security, Integrity)
- Cost Efficiency
- Reach of Network
- Range of Services
- Standardization
[edit] Members
MegaLink is the primary network of the following banks listed below:
[edit] Current members
- Asiatrust Bank
- Banco de Oro (with ties to Expressnet)
- Bank of Commerce
- Development Bank of the Philippines
- Equitable Savings Bank
- GSIS Family Bank
- GE Money Bank
- LBC Bank
- Maybank
- One Network Bank
- Pacific Ace Savings Bank
- Philam Savings Bank
- Philippine National Bank
- Philippine Veterans Bank
- Planters Development Bank
- Premiere Development Bank
- Queen City Development Bank
- Robinsons Savings Bank
- Union Bank of the Philippines
- United Coconut Planters Bank
[edit] Former members
- Active Bank
- Asian Banking Corporation
- Banco Davao
- DBS Bank (acquired by Bank of the Philippine Islands)
- Ecology Bank (acquired by Equitable Bank and merged into Equitable PCI Bank)
- Far East Bank and Trust Company (acquired by Bank of the Philippine Islands)
- Insular Savings Bank (acquired by Citibank)
- International Exchange Bank (merged with Union Bank of the Philippines)
- Prudential Bank (acquired by Bank of the Philippine Islands)
- Traders Royal Bank(acquired by Bank of Commerce)
- Urban Bank (closed and merged with Export and Industry Bank)
[edit] See also
[edit] External links
| Philippine interbank networks |
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| BancNet | ENS | Expressnet | MegaLink | Nationlink |
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