CLARK FREEPORT — In order to help address the growing need to access cash as a result of the extended enhanced community quarantine in Luzon, UBX, the fintech (financial technology) company of Union Bank of the Philippines, recently started deploying a rapid and remote mobile-enabled ATM solution, as part of its i2i platform.
Rural banks and financial cooperatives across the country are now enabled to pay-out a wide range of government subsidies with the i2i Mobile ATM direct to beneficiaries in the historically underserved countryside.
i2i’s Mobile ATM technology works just like a standard ATM and allows rural banks, financial cooperatives, their agents and associated merchants to offer cash out and balance inquiry transactions for all locally issued debit/ATM cards.
Financial institutions that avail of i2i Mobile ATM receive i2i Mobile ATM devices within days of signing up. They are enabled to pay-out government subsidies and positioned to participate in the emergency subsidy program under the “Bayanihan to Heal as One Act.”
UBX developed this state-of-the-art mobile ATM in partnership with leading Irish Financial Services Group, Fexco which currently employs more than 2,400 people across the globe.
Fexco is focused on delivering technology enabled financial services to a wide range of banking and fintech partners, and this initiative with UBX will build on the existing partnership in the Philippines.
Cathal Brendan Foley, CEO of Fexco Philippines, said: “We are very pleased to be partnering with UBX to assist Filipinos in this time of need. This partnership will allow us to rapidly deliver crucial financial services to consumers across the UBX and UBP banking partner network. Fexco and UBX are both dedicated to enhancing financial inclusion for both the businesses and the people of the Philippines.”
UBX’s i2i Network is the fastest-growing and largest network of financial institutions including rural banks, thrift banks, savings banks, cooperatives and other non-banking financial institutions.
Since launching its technology platform in April 2019, the i2i Network has over 110 members with nearly 1,000 branches between them.
John Januszczak, CEO of UBX Philippines, said: “By digitally connecting community-based financial institutions best positioned to serve the financially excluded, the i2i Network and i2i Mobile ATM are extremely well poised to support our government’s effort to contain the pandemic while enabling the provision of much needed relief to those affected.”
