BancNet transactions hit record high in 2014

BancNet has processed an all-time-high total of 498.25 million switched transactions during the year, up 10.75 percent from 450 million in 2013.

This is equivalent to an average of 1.36 million transactions a day. The volume peaked on Dec. 23, 2014, the last working day before Christmas, when 3.78 million switched transactions were recorded.

“This is about a million transactions more than the 2.76 million recorded on Dec. 20, 2013, the highest for that year, and set a new record,” Manuel C. Tagaza, BancNet chairman said.

The country’s largest switch operator was able to maintain an average host availability rate of 99.52 percent and an average transaction completion rate of 97.98 percent during the year despite the increasingly heavy volume.

“Our switch, which we upgraded the year before, was ready for it. In fact, this switch is capable of handling even bigger volumes in the future,” Tagaza added.

Last year, there were 13,067 automated teller machines (ATMs) and 47,513 payment terminals in its nationwide network.

The BancNet ATMs comprise 79.53 percent, or four out of five, of all ATMs in the country.

The consortium’s ATM cardholder base also expanded to 44.16 million, from 35.53 million the year before, growing by 8.63 million new cardholders, or 19.54 percent.

Five banks and a cooperative joined BancNet in 2014, bringing the total number of members to 113 at yearend.

The new members are United Coconut Planters Bank (UCPB), Katipunan Bank in Dipolog City, Tiaong Rural Bank in Quezon, Rural Bank of Gattaran in Cagayan, Rural Bank of Hindang in Leyte, and Suyo Multi-Purpose Cooperative in Ilocos Sur.