Banknet is a consortium of 124 members that includes banks, cooperatives, electronic money issuers, affiliated switch networks and independent ATM employers in the Philippines. The company said it has a 31-year track record of building digital payments infrastructure and currently operates a network that spans more than 22,000 ATMs and 400,000 POS terminals.
In 2020, Banknet processed a record one billion transactions through its platform, contributing significantly to the growth of the country’s digital payments economy.
“NS ASEAN market Of strategic importance to the FSS. We are proud to collaborate with the largest payments consortium in the Philippines to modernize key billing, settlement processes and dispute management among participants for smooth operation of the payment system. We are fully committed and confident that this partnership will contribute to significant digital payments growth in the Philippines and the region,” said Krishnan Srinivasan, Chief Operating Officer, FSS Paytech.
The Business Support Suite is a full stack offering that integrates operations such as partner management, fee calculation, partner settlement, billing and dispute management for a wide set of transactions on a single platform.
“Efficiency by automating billing and settlement processes, including dispute management between participants, helps us to gain member trust, attract more participants and more transactions to our network, creating a massively inclusive digital payments ecosystem.” Our efforts continue to grow,” said Arnell Lim, Banknet Chief Operating and Technology Officer.