Best merchant partner

MANILA, Philippines - The Security Banking Corp. (Security Bank) was named Asia’s Leader in Merchant Partnerships from Financial Insights Innovation Awards (FIIA) during the Asian Financial Services Congress 2015 of the IDC Financial Insights held on March 6 at Marina Bay Sands Singapore. The award zeroed in on Security Bank’s Sweep Card, the first open-loop payment solution in an otherwise close-loop ecosystem in the Philippines. The card is especially relevant and useful to the mass market and under-banked segments or those who do not have bank accounts. A multipurpose proximity wallet, the Sweep Card can store loyalty points and allows cardholders to remit or withdraw cash from ATM machines even without an ATM card. This ‘cardless remittance’ is made possible through Security Bank’s eGiveCash facility. The Security Bank-powered Sweep Card is accepted in over 120 partner-establishments nationwide. To date, the Sweep Card has received six international awards. In photo are: (from left) IDC Financial Insights Asia/Pacific managing director Cyrus Daruwala, Security Bank Cash Management Division head Dennis Joy Ejercito (middle) and IDC Group managing director Raymong Kwong.