Bancnet Inc., a Philippines-based ATM network, has begun offering outsourcing services to small, local banks in the country that cannot afford to deploy their own teller machines.
The interbank network connects the ATMs deployed by more than 90 local banks that serve more than 8 million cardholders. In all, Bancnet connects more than 4,000 ATMs and 15,000 point-of-sale terminals.
In its outsourcing initiative, the network will deploy and manage ATMs for smaller banks, especially in rural areas, a Bancnet spokesperson tells PaymentsSource. Six Bancnet-member banks already have opted for the service, he says, noting 20 more are considering doing so. “We expect to get new members with this service, too,” the spokesperson says.
Bancnet charges banks either a flat annual fee or a percentage of each transaction for the ATMs it manages, he says.
“Bancnet would set up the ATM at the location, handle the software part of the system, and also monitor transactions at the ATM,” he says. “We expect many rural banks, thrift banks and cooperative banks to join Bancnet because of this offering.”
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