RCBC ramps up SME onboarding

MANILA, Philippines — Yuchengco-led Rizal Commercial Banking Corp. (RCBC) continues to ramp up the onboarding of small and medium enterprises (SMEs) through digitized banking solutions.

Maria Angela Tinio, first senior vice president and head of SME banking group (SMEBG) at RCBC, said the listed bank continues to help SMEs achieve sustainable development through digitalization, reducing both operating expenses and time.

“By empowering our SME clients with digitized banking solutions – like Check Scan or PayPortal – we are also encouraging them to integrate sustainability practices into their business operations,” Tinio said.

Last year, RCBC’s SMEBG set a record-high in onboarding of new accounts, rising by 33 percent than the group’s average pre-pandemic level of new accounts per year.

This, after digitizing their own processes, which resulted in faster credit approvals and enabling SMEs gain faster access to financing.

“The digital acceleration initiatives that resulted in faster approval and more efficient process paved the way for this growth. The group envisions this momentum to propel its success in 2022 as it frontloaded the integration of these accounts into its portfolio during the first half of the year,” Tinio said.

RCBC said the number of SMEs enrolled in the bank’s digital products doubled last year compared to 2020 after introducing the digitized cash management services such as disbursement, collection and payment systems that are easily accessible and more efficient.

These include RCBC Checkscan, PayPortal and the most recent solution, QRPay, among others.

RCBC CheckScan is a first-in-market cash management solution that enables clients to process bulk checks safely and efficiently through digitalization. An additional feature called Mobile CheckScan was also launched allowing businesses to process their check deposit transactions using their mobile devices.

On the other hand, RCBC PayPortal is a one-stop shop online payment enabler for businesses that aids in the collection of sales settled via e-commerce payments.

QR Pay uses QR PH, the Philippines’ national QR code standard initiated by Bangko Sentral ng Pilipinas (BSP), which allows interoperable payments solutions. This means RCBC-enrolled billers could accept payments from customers using other banks or electronic money issuers.

RCBC has been at the forefront of sustainability, pioneering innovations and solutions that have meaningful impact to the environment and the community.