Cooperative bank joins MegaLink
Metro South Cooperative Bank (MSCB) has been named the latest member of MegaLink, and the first cooperative bank to join the automated teller machine (ATM) operator. As a cooperative bank, MSCB operates under the regulatory and supervisory framework of the Bangko Sentral ng Pilipinas and is likewise registered with the Cooperative Development Authority.
To date, MSCB has 906 member-cooperatives with a combined membership of two million individuals nationwide. In 2006, its total resources amounted to P702 million with P9 million in net surplus.
The cooperative bank intends to make electronic banking services available to individual members of its member-cooperatives as it plans to put up the needed information technology (IT) infrastructure. It will likewise issue co-branded ATM cards and deploy between 30-50 ATMs in its first year of operations as a MegaLink member.
MegaLink president Benjamin P. Castillo said that Metro South Coop Bank participation allows existing members and cardholders more electronic touchpoints at more locations.
MegaLink, which is currently celebrating its 18th year, has 22 members and 10.7 million cardholders with access to all 7,400 ATMs nationwide. The other ATM operators are BancNet and ExpressNet, and all ATMs are interconnected.
Aside from commercial, thrift and rural banks as members, MegaLink has two other non-bank institutions in its roster. EnCash, the country’s first independent ATM transaction processor, has the distinction of being Megalink’s first non-bank member. It was followed by
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