View source for BancNet

{{Short description|Philippine interbank network}}
{{mi|
{{refimprove|date=August 2012}}
{{Notability|date=April 2025}}
}}
{{Use mdy dates|date=October 2022}}
{{Use Philippine English|date=October 2022}}
{{Infobox Interbank Network 
| name    = BancNet
| logo    = BancNet logo.svg
| area    = [[Philippines]]
| foundation = {{start date and age |1990}}
| key people = Fabian S. Dee (President)<br>Nestor V. Tan (Chairman)
| members = 124
| atm     = 21,762 (2021)
| website = {{URL|https://www.bancnetonline.com|bancnetonline.com}}
}}

'''BancNet''' (also spelled '''Bancnet''') is a Philippine-based [[interbank network]] connecting the [[Automated teller machine|ATM]] networks of local and offshore banks, and the country's single interbank network in the Philippines in terms of the number of member banks and annual transactions.{{citation needed|date=October 2014}}  Due to its status as the country's single ATM switch operator, it is designated by the [[Bangko Sentral ng Pilipinas]] (BSP) as the country's national ATM network.

BancNet is also the exclusive gateway of China's [[UnionPay]], allowing access to the nearly 1 billion ATM cardholders from [[China]]. BancNet is allied with global payment brand [[JCB (credit card company)|JCB International]]. Through this alliance, JCB cardholders can make cash advances at participating BancNet member ATMs nationwide.
Bancnet interconnects with international card networks [[Diners Club International|Diners Club]], [[Discover Card|Discover]], [[Korea Financial Telecommunications & Clearings Institute|KFTC]], [[Mastercard]], and [[Visa Inc.|Visa]].
 
BancNet serves more than 41 million ATM cardholders of its 124 members and affiliates with over 21,000 ATMs and more than 304,000 [[Payment terminal|POS terminals]].{{Citation needed|date=March 2021}}

In 2008, [[Expressnet]] outsourced its ATM operations to BancNet. On January 30, 2015, BancNet and [[MegaLink]] announced their merger and will retain itself as its brand.<ref>{{cite web|url=http://www.philstar.com/banking/2015/02/03/1419457/bancnet-megalink-merger-marks-new-beginning-e-payments |title=BancNet, MegaLink merger marks 'new beginning' in e-payments |publisher=Philstar.com |access-date=December 21, 2019}}</ref> With this and having no more competition, BancNet has become the Philippines' single ATM switch and major cashless transactions and payments network operator.

==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]], [[Rizal Commercial Banking Corporation|RCBC]], [[Allied Banking Corporation|Allied Bank]] (now part of [[Philippine National Bank|PNB]]), [[Metrobank (Philippines)|Metrobank]], International Exchange Bank (now part of [[Union Bank of the Philippines|UnionBank]]) and CityTrust Banking Corp. (now part of [[Bank of the Philippine Islands|BPI]]) formed BancNet. Other members have since joined.

In 1994, BancNet introduced the a point-of-sale system to serve the retail payment requirements of cardholders. In 1997, BancNet started offering website hosting, email and surfing services to member banks at affordable rates.

In 2002, BancNet started its online banking and payment gateway system.

It was during the anniversary business forum of 2002 that BancNet introduced Interbank Funds Transfer, reportedly the first consortium-run automated transfer facility in the region. The product allows real-time, online transfer of money among the members of BancNet using either the payment gateway, the ATM or a cardholder's [[cellular phone]].

A partnership with [[Globe Telecom]], the second largest telecoms company in the Philippines, in 2006 allowed BancNet to expand ATM-like functions to the mobile phones of cardholders. This was followed by a similar agreement in early 2007 with [[Smart Communications]], the dominant telecoms company, for mobile banking.

A Memorandum of Agreement was signed in 2007 with [[Nationlink (interbank network)|Nationlink]], admitting the latter as the first network alliance member of BancNet.<ref>{{citation |url=http://www.visayandailystar.com/archives.visayandailystar.com/2007/June/09/businessnews3.htm |title=BancNet, Nationlink sign pact for interconnection |publisher=[[Visayan Daily Star|Daily Star]] |access-date=July 26, 2012}}</ref> This allows all the rural bank members of Nationlink to enjoy the convenience of electronic banking on 8,000 ATMs and more than 10,000 [[Point-of-Sale]] terminals nationwide.

==InstaPay==
[[File:InstaPay_logo.jpg|thumb|right|187px|InstaPay]]
BancNet is the clearing switch operator of real-time electronic funds transfer clearing house '''InstaPay''', one of the two electronic fund transfer services commissioned by the BSP (the other being '''PesoNet'''). As of 2022, the service shall be rebranded into ''InstaPay, powered by BancNet''.

==Equity members==
{{div col}}
*[[Asia United Bank]]
*[[Banco de Oro]]
*[[Bank of Commerce]]
*[[Bank of the Philippine Islands]]
*[[Chinabank|China Banking Corporation]]
*[[Citibank Philippines]]
*[[CTBC Bank|CTBC Bank Philippines]]
*[[Development Bank of the Philippines]]
*[[EastWest Bank|EastWest Banking Corporation]]
*Equicom Savings Bank
*[[Land Bank of the Philippines]]
*[[Metrobank (Philippines)|Metropolitan Bank and Trust Company]]
*[[Philippine Bank of Communications]]
*[[Philtrust Bank|Philippine Trust Company]]
*[[Philippine National Bank]]
*[[Philippine Veterans Bank]]
*[[Rizal Commercial Banking Corporation]]
*[[Robinsons Bank|Robinsons Bank Corporation]]
*[[Security Bank |Security Bank Corporation]]
*[[Standard Chartered|Standard Chartered Bank Philippines]]
*[[Sterling Bank of Asia]]
*[[The Hongkong and Shanghai Banking Corporation]]
*[[Unionbank (Philippines)|UnionBank]]
{{div col end}}

==Other members==
{{div col}}
*All Bank (formerly Optimum Bank)
*Bangko Mabuhay
*[[Bank of Makati]]
*Bankways
*[[Meralco|Bayad]] <small>(formerly Bayad Center, InstaPay only)</small>
*[[BDO Network Bank]] (subsidiary of Banco de Oro)
*[[Bank of the Philippine Islands#BanKo|BPI Direct BanKo, Inc.]]
*BPI Family Savings Bank (subsidiary of Bank of the Philippine Islands)
*BPI Globe BanKO
*Cantilan Bank Inc. 
*Card Bank, Inc.
*CARD SME Bank Inc.
*[[Cebuana Lhuillier]] Rural Bank
*China Bank Savings (subsidiary of China Banking Corporation)
*[[CIMB Bank]] Philippines
*[[Citibank Philippines|Citibank]]
*[[CitySavings]] (subsidiary of Union Bank of the Philippines)
*[[Citystate Savings Bank]]
*[[Cooperative Bank of Misamis Oriental]]
*Country Builders Bank
*D'Asian Hills Bank
*[[Gojek|DCPay]] Philippines Inc. [Coins.PH] <small>(InstaPay only)</small>
*[[Deutsche Bank|Deutsche Bank Philippines]]
*Dumaguete Bank
*Dungganon Bank, Inc.
*EastWest Rural Bank, Inc. <small>([[Doing business as|d.b.a.]] Komo, a mostly digital bank)</small>
*Enterprise Bank, Inc.
*Entrepreneur Bank
*EON Bank PH <small>(a UnionBank subsidiary)</small>
*[[GCash|GCash Inc.]]
*[[GoTyme Bank]]
*[[Grab (company)|GrabPay]] Philippines <small>(InstaPay only)</small>
*Isla Bank
*JuanCash <small>(InstaPay only)</small>
*Katipunan Banking Corporation
*[[Hana Bank|KEB Hana Bank Manila]] (formerly Korea Exchange Bank)
*[[Lazada|Lazada Wallet]] Philippines <small>(applied, for InstaPay only)</small>
*Legaspi Savings Bank
*Luzon Development Bank
*Malayan Savings Bank
*[[Maybank|Maybank Philippines, Inc.]]
*[[MegaLink]] <small>(as independent ATM deployer)</small>
*Metro South Coop Bank
*MaxBank
*[[National Confederation of Cooperatives]] (NATCCO)
*Opportunity Kauswagan Bank (OK Bank)
*[[Palawan Pawnshop]] <small>(InstaPay only)</small>
*Partner Rural Bank
*[[PayMaya]] Philippines Inc. (Maya Bank)
*PBCOM Rural Bank (formerly Banco Dipolog)
*Planbank
*Philippine Resources Savings Bank
*[[Philippine Business Bank]]
*[[Philippine Postal Savings Bank]] (PostBank)
*[[PSBank|Philippine Savings Bank]] (subsidiary of Metropolitan Bank and Trust Company)
*Pito AxM Platforms Inc. <small>(a [[Seven Bank]] subsidiary)</small>
*[[Producers Bank]]
*[[Queen City Development Bank]]
*Quezon Capital Rural Bank, Inc. (QCRB)
*RCBC Savings Bank (subsidiary of Rizal Commercial Banking Corporation)
*Rural Bank of Tangub City
*Security Bank Savings (subsidiary of Security Bank Corporation)
*[[Shopee|ShopeePay]] Philippines <small>(InstaPay only)</small>
*South Bank, Inc.
*[[Standard Chartered|Standard Chartered Bank Philippines]] (acquired by EastWest Banking Corporation since 2016)
*StarPay <small>(InstaPay only)</small>
*[[Sterling Bank of Asia]]
*Sun Savings Bank
*Tonik Bank <small>(InstaPay only, not yet serviceable for incoming bank transfers)</small>
*UBX Philippines <small>(i2i Mobile ATM, a UnionBank subsidiary)</small>
*Yuanta Savings Bank (formerly Tongyang Savings Bank)
*UCPB Savings Bank (subsidiary of United Coconut Planters Bank)
*WealthBank
*World Partners Bank, Inc.
*Zambank
{{div col end}}

==See also==
*[[Expressnet]]
*[[MegaLink]]
*[[Nationlink (interbank network)|Nationlink]] (Alliance Member of BancNet)
*[[ATM usage fees]]
*[[Encash Network Service|ENS]]

==References==
{{reflist}}

==General references==
* {{cite web |title=Our Members |url=https://www.bancnetonline.com/BancnetWeb/view/goToMembersPage.do |website=BancNet |access-date=3 August 2023}}
* {{cite web |title=List of Bancnet Member Banks and Short Names |url=https://www.pnb.com.ph/wp-content/uploads/docs/List_BancNet_Member_Banks.pdf |website=[[Philippine National Bank]] |access-date=3 August 2023 |archive-url=https://web.archive.org/web/20220708073408/https://www.pnb.com.ph/wp-content/uploads/docs/List_BancNet_Member_Banks.pdf |archive-date=July 8, 2022}}

==External links==
* {{Official website|https://www.bancnetonline.com/}}

{{Philippine interbank networks}}

{{Interbank networks}}

{{DEFAULTSORT:Bancnet}}
[[Category:Interbank networks]]
[[Category:Financial services companies of the Philippines]]
[[Category:Companies based in Makati]]