A reciprocal agreement involving Korea Financial Telecommunications and Clearings Institute and the Philippines’ MegaLink ATM network will enable both organizations’ customers to access each other’s ATMs, MegaLink announced in July 27 statement.
MegaLink is one of the Philippines’ prominent ATM operators, while Korea Financial is a nonprofit organization that manages several interbank payment systems in South Korea.
MegaLink connects the 2,500 ATMs of 22 members in the Philippines, switching more than 795,000 transactions daily. Its members issue 11.5 million debit and credit cards.
MegaLink is having similar talks regarding reciprocal ATM agreements with Malaysian Electronic Payment System and the Network for Electronic Transfers of Singapore, according to the statement. These agreements would enable the network to make available cash-advance services for international card brands such as MasterCard, Visa and China Union Pay.
MegaLink hopes eventually to expand the partnership with Korea Financial to include funds transfers and point-of-sale payments.
Earlier in the month, MegaLink signed a memorandum of understanding agreement with JCB international that would enable international JCB cardholders to conduct cash advances at MegaLink ATMs beginning in August.
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