More ENCASH ATMs in the pipeline
Electronic Network Cash Tellers Inc. (ENCASH) is deploying more automated teller machines (ATMs) for partner institutions all over the country as part of its mission to provide solutions for the financial concerns of underserved local communities.
The company has deployed 300 ATMs in over 150 partner institutions nationwide from only five machines back in 2007.
It envisions itself to be the premier ATM network and banking solutions service provider in the Philippine countryside and the global financial services industry.
The Manila-based company is the country’s first independent deployer of ATMs and ATM process outsourcing to Philippine banks and financial institutions.
Across the years, it has provided machines to smaller thrift, cooperative and rural banks, giving them increased distribution capability similar to that of bigger banks, but with limited capital outlay.
At affordable investment rates, smaller banks could now offer more services to their respective communities via an ATM.
ENCASH and its partners generate fee revenue every time a customer transacts using their machines. Their services also help local banks increase client traffic, acquire new customers, and enhance their brands.
It is also the first non-banking institution to offer ATM services in Nueva Ecija. The Cabanatuan-based GM Bank of Luzon is one of its pioneer clients.
Prior to ENCASH’s intervention, residents of the municipality had to travel an hour to access the nearest ATM. Now, even during emergencies, clients feel confident knowing that they can withdraw money anytime.
In the Philippines, most ATMs only service universal and commercial banks in the country’s major cities and people in the more remote areas have to travel for hours just to gain access to the nearest ATM.
ENCASH h made itself a pioneer in upholding the EMV (Europay, MasterCard, Visa) standard for rural banks.
As the global standard for credit, debit, and prepaid card payments, EMV utilizes chip card technology, which is proven to be safer than traditional magnetic stripe payment cards.