Filipino interbank network Bancnet announced that it has extended its service to smaller banks through machine outsourcing, according to an article on Malaya.com. The network connects more than 4,000 ATMs across the country.
Rene Natividad, vice president and head of operations and networking at Bancnet, said in the article that the service aims to expand the network and aid smaller banks that cannot afford to install their own ATM network.
"Putting up an ATM is pretty expensive," he said. Banks already participating in outsourcing include BPI Globe Banko, Wealth Bank in Cebu City, CARD Bank in Laguna, Enterprise Bank in Davao, Producers Bank in Nueva Ecija and Bancnet Connect Direct through Finman Bank.
According to Natividad, the member banks can either pay an annual fee or use a per transaction fee-based model. The outsourcing will include the machine, the program to run the system and monitoring services.
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