Security Bank launches new platform for businesses

MANILA, Philippines — Security Bank Corp. is ramping up its support for micro, small and medium enterprises (MSMEs) and corporate clients as it launched Security Bank Collect, a new channel that offers businesses several payment options online.

John David Yap, senior vice president and business banking head at Security Bank, said that its newest payment platform is a step forward in the bank’s mission to empower businesses.

“This platform not only broadens the spectrum of payment options available to merchants but also streamlines the entire payment process,” he said.

“By enabling real-time monitoring and reconciliation of payments, Security Bank Collect removes many of the traditional barriers faced by MSMEs, allowing them to focus on growth and innovation,” he said.

According to the lender, Security Bank Collect was developed to tackle the issues faced by MSMEs, such as limited payment methods for buyers, the manual process of reconciling and tracking payments for sellers as well as the high balance and transaction criteria required for POS systems.

Security Bank Collect accepts credit, debit and prepaid cards such as Mastercard, Visa and JCB. It also accepts electronic wallets such as GCash, Maya Bank, WeChat Pay, AliPay and UnionPay.

The payment platform is powered by Magpie.IM Inc., a leading digital financial service provider that centralizes sales invoicing and payment collections for businesses on one platform.

“There’s no other way but to dive as deep as you can and construct something useful for the market. We have a very big ambition for Security Bank Collect,” Dominick Danao, CEO of Magpie, said.

“We have very good indications that the market needs a platform like Security Bank Collect. Thank you, Security Bank, for the faith,” Danao said.

The new platform also supports the government’s push for digital payment initiatives, Security Bank said.

Moving forward, Security Bank Collect will expand to support more payment options, including QR Ph, InstaPay, Asia United Bank’s HelloMoney, ShopeePay and Home Credit.