^

Business

BPI soon to offer mobile phone banking services

-
The Bangko Sentral ng Pilipinas (BSP) has allowed the Bank of Philippine Islands (BPI) Group to expand and upgrade its telephone banking services by allowing the bank to provide mobile telephone banking services through Globe Telecoms Inc.

BSP Deputy Governor Alberto Reyes told reporters that the Monetary Board approved BPI’s request to be allowed to provide mobile banking services after the group passed the qualifying evaluation of the BSP.

The BPI Group includes BPI, BPI Family Bank and BPI Development and Savings Bank which would now be able to extend banking services to their clients and depositors through mobile phones.

Reyes said BPI is already providing such telephone banking services as balance inquiries and bills payment. The new package approved by the BSP, he said will expand these services and upgrade the system so that clients can access them through mobile phones.

Reyes said the cellphone-based system will be based on the short messaging system (SMS) technology. The allowed services will include balance inquiry, bills payment of enrolled utilities, fund transfers, statement of accounts request and checkbook request.

"Banks that plan to offer such services have to qualify for license to do so," Reyes explained. "Then the BSP conducts an evaluation and determines if the bank has the technology, infrastructure and expertise to do these things."

Reyes said the BSP conducted on-site testing as well as security checks to make sure the system is safe, secure and stable.

Initially, Reyes said the BPI group planned to use the network of Globe Telecoms Inc. but he said the group now plans to expand the network coverage to include other mobile telephone service providers.

BPI and Globe are both under the conglomerate of the Ayala Group of Companies owned by the Zobel family. – Des Ferriols

vuukle comment

AYALA GROUP OF COMPANIES

BANGKO SENTRAL

BANK OF PHILIPPINE ISLANDS

BPI

DEPUTY GOVERNOR ALBERTO REYES

DES FERRIOLS

DEVELOPMENT AND SAVINGS BANK

FAMILY BANK

GLOBE TELECOMS INC

REYES

SERVICES

  • Latest
  • Trending
Latest
Latest
abtest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with