MegaLink partners with Korean settlement firm

MANILA, Philippines - MegaLink has recently partnered with the Korea Financial Telecommunications and Clearings Institute (KFTC) to allow its cardholders to transact in enabled KFTC automated teller machines (ATMs) in South Korea. In turn, KFTC cardholders will have a similar option when transacting in enabled MegaLink ATMs across the country.

Mega¬ink is one of the leading ATM operators in the Philippines while KFTC is Korea’s premier finance and payment settlement institution with expertise in establishing and managing interbank transactions.

MegaLink has been supporting the expansion of cross-border financial transactions as the mobility of its card members increases. It became the first country representative to the Asian Payment Network, an association of ATM consortia across the region of which KFTC is also a member. APN aims to establish common quality standards and guidelines and improve collaboration for domestic and region-wide switching, clearing and settlement of electronic payment transactions.

The ATM operator is now in talks to partner with other APN members, specifically the Malaysian Electronic Payment System and the Network for Electronic Transfers of Singapore. It will soon make available cash advance services for international credit card partners such as MasterCard, Visa, JCB and China Union Pay.

MegaLink president and chief executive officer Benjamin P. Castillo said that the expansion is all in line with MegaLink’s direction in providing the widest reach for products and services that efficiently transfer values and information to our members.

Through KFTC, MegaLink will also be reaching the OFW market based in Korea. MegaLink hopes to expand the KFTC partnership to eventually include funds transfers and POS payments.

Earlier, the Cooperative Rural Bank of Bulacan (CRBB) became the first cooperative rural bank to join the MegaLink ATM and financial services network. CRBB has 14 strategically located branches in the province of Bulacan and one in Makati City. As a MegaLink member, CRBB offers its clients access to over 9,000 ATMs nationwide and a wide array of e-banking services.