From Left: Vicente L. Rosal, Chairman, AIMCoop; Faith T. Masanegra, CEO, AIMCoop; Pacienciano A. Tomarong, CEO Emeritus, AIMCoop; Aristeo P. Zafra, Jr., CEO, BancNet; Elmarie S. Reyes, CFO, BancNet, Myra A. Privado, Head of Outsourcing Services, BancNet.
AIMCoop is the latest institution to join the BancNet ATMnetwork, as an Independent ATM Deployer (IAD).
Based in Zamboanga, Aurora Integrated Multipurpose Cooperative or AIMCoop is one of the country’s largest cooperatives with over 1 million members and 80 offices nationwide. The cooperative operates over 60 ATMs concentrated in underserved areas of Mindanao.
“This is not about business. This is about service. By joining BancNet, we will have the opportunity to reach those underserved individuals in our country,” said Pacienciano A. Tomarong, CEO Emeritus of AIMCoop during the membership agreement signing at the BancNet offices recently.
As a direct member, AIMCoop will benefit from BancNet’s Business Support System which handles advanced settlement, billing, reconciliation, and dispute management. The cooperative will also benefit from the consortium’s Settlement Risk Monitoring system that will help mitigate settlement risk.
AIMCoop is also outsourcing its ATM switch to BancNet, which will then drive its ATMs, enable it to issue debit and credit cards, and provide cross-border interconnection, among other services.
BancNet now has 121 members and affiliates including other independent ATM deployers and cooperatives. The consortium enables its members’ customers to transact at ATMs, point-of-sale (POS) terminals, the Internet, and mobile phones. BancNet is also the clearing switch operator for instaPay, a real-time electronic funds transfer service under the National Retail Payment System.
“We welcome AIMCoop, one of the top cooperatives in the country. With this partnership, we hope to achieve our common goal of delivering innovative electronic financial services to enrich the lives of our customers,” said AristeoP. Zafra, Jr. CEO of BancNet.