Shown during the agreement signing between LANDBANK and OmniPay Inc. are (from left) OmniPay Inc. Executive Vice President/Chief Operating Officer Anna Liza Eugenio Alincastre; OmniPay Inc. President and CEO Simon S. Ung; OmniPay Inc. Chairman Melito S. Salazar; LANDBANK President and CEO Gilda E. Pico; LANDBANK Executive Vice President for Branch Banking Jocelyn dG. Cabreza, and LANDBANK Vice President for Card and e-Banking Randolph L. Montesa
The Land Bank of the Philippines recently signed an agreement with OmniPay, Inc. to avail of its card and electronic payment processing services. Under the partnership, LANDBANK and OmniPay will launch a Prepaid Card designed to give cardholders a secure, reliable, and highly-available payment processing platform.
OmniPay, incorporated in 2009, is a Non-Bank Financial Institution (NBFI) under the supervision of the Bangko Sentral ng Pilipinas (BSP). It specializes in providing various robust and secure payment programs, particularly card issuing and payment acquiring.
OmniPay was authorized by the BSP to become an Electronic Money Issuer – Non-Bank Financial Institution (EMI-NBFI). The company is the first to launch the JCB Prepaid Card product in the Asia Pacific and the first to launch the UnionPay International Prepaid Card product in the country. It partners with key institutions from both private and government sectors in line with the company’s mission of financial outreach and sustainability.
The LANDBANK Prepaid Card will provide customers with access to JCB and UnionPay’s extensive network, not just in the country but in countless branch locations and merchants across the globe. Cardholders will likewise be able to access their funds in all BancNet, Megalink, Expressnet, and Nationlink ATMs nationwide. It is also capable of handling different currencies (PHP, USD, JPY, CNY, HKD, etc.), and has anti-fraud features to ensure the security of the clients’ card details and transaction.
“We are pleased to have OmniPay as a partner in our continuing endeavor to deliver innovative services to our clients. This Prepaid Card will provide greater banking convenience to our customers, wherever they are in the world. This also forms part of LANDBANK’s thrust towards promoting greater financial inclusion,” said LANDBANK President and CEO Gilda E. Pico.
The Bank is looking at integrating the Prepaid Card into the government’s Conditional Cash Transfer program wherein LANDBANK is the disbursing bank, along with other government programs and initiatives that could leverage this technology.
“It is a distinct honor for OmniPay to partner with LANDBANK in complete support of its vision to promote inclusive growth through the delivery of innovative financial services. We are committed to support LANDBANK in this quest by providing world-class technology and support for new, innovative digital payments products; thus enabling LANDBANK to extend card programs to its institutional and corporate clients that are flexible and customizable for their specific requirements. Lastly, OmniPay will open its network of 1,500 Cash-In Cash-Out locations to all LANDBANK cardholders with an additional 1,300 locations going live by Q1, 2015,” said OmniPay Inc. Chairman Melito Salazar.