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LandBank cites increase in e-banking hub usage

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THE Land Bank of the Philippines (LandBank) on Tuesday reported sustained increase in the usage of its major electronic banking channels, including payment systems used by national and local government agencies, in the first seven months of the year.

The state-run bank said its web-based e-payment platform, the Link.BizPortal, facilitated 2.3 million transactions amounting to P5.57 billion in the first seven months of the year. This represented a 105-percent rise in the number of transactions and 103-percent growth rates in the volume of transactions.

Meanwhile, the bank’s Electronic Modified Disbursement System (eMDS) for national government agency partners also reached 1.1 million transactions amounting to P925.28 billion during the period. This is 36-percent more transactions and a 74-percent jump in value from the same period last year.

“LandBank continues to answer the call for accessible, reliable and safe electronic banking in the new normal, driven by the varied needs of customers due in large part to the pandemic,” Landbank President and CEO Cecilia C. Borromeo said.

The bank’s other online platforms also posted growth during the period.

Its “weAccess,” which is dedicated for corporate clients, facilitated P277.43 billion through 11.3 million transactions. These are equivalent to increases of 31 percent and 22 percent, respectively.

The Landbank mobile banking app recorded 55.72 million transactions up 48 percent, with a total value of P89.9 billion or a 136 percent increase from the previous year.

The bank also expressed support to the recent call of the Anti-Red Tape Authority for government agencies to digitize their payment systems, as part of their compliance to Republic Act 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018.

“We are committed to collaborating with more government partners to make financial services much more accessible, towards promoting ease of doing business and advancing greater digital financial inclusion in the country,” Borromeo said.

Read full article on BusinessMirror

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