BancNet

BancNet (also spelled Bancnet) is a Philippine-based interbank network connecting the ATM networks of local and offshore banks, and the largest interbank network in the Philippines in terms of the number of member banks and annual transactions.

BancNet is also the exclusive gateway of China's UnionPay, allowing access to the nearly 1 billion ATM cardholders from the People's Republic of China. BancNet is allied with global payment brand JCB International. Through this alliance, JCB cardholders can now do cash advances at participating BancNet member ATMs nationwide. Bancnet interconnects with international card networks Diners Club , Discover Card, KFTC, MasterCard, and VISA

BancNet serves more than 41 million ATM cardholders of its 114 members and affiliates with over 12,000 ATMs and more than 5,000 POS terminals.

In 2008, ExpresNet outsourced its ATM operations to BancNet. On January 30, 2015, BancNet and MegaLink announced their merger and will retain itself as its brand.

History

BancNet was founded on July 17, 1990 as the Philippines' second ATM consortium when the ATMs of eight banks, PCI Bank (later Equitable PCI Bank, now Banco de Oro), Security Bank, Chinabank, RCBC, Allied Bank, Metrobank, International Corporate Bank (now part of UnionBank) and CityTrust Banking Corp. (now part of BPI) formed BancNet. Other members have since joined.