FICOBank ATMs Are Now Available in Echague and Maddela

As the power of technology continues to invade banking, and as banks are now surrounded by educated, highly-sophisticated and discriminating customers, there is a compelling need for FICOBank to join the bandwagon in banking by putting up its on-premise automated teller machines (ATMs) in its branches and extension offices.

An ATM, also known as cash point or cash machine, is a computerized telecommunication device that provides the customers of financial institutions with access to 24/7 financial transactions in a public space without the need of a bank teller or cashier. With ATM, the customers can access their respective bank accounts by making cash withdrawals, taking out credit card cash advances and/or checking account balances.

To complement its fee-based services, FICOBank put up its first-ever through-the-wall ATMs in its banking premises in Echague, Isabela and Maddela, Quirino, after it got a Certification of No Objection from the Bangko Sentral ng Pilipinas, and was accredited by BancNet, to offer ATM services through an affiliate switch network. The major reason why the Bank has to house initially its first two ATMs in these operating units is that these municipalities have lesser number of ATMs. The other operating units, however, will have their onsite ATMs later. With this practical decision, the Bank can expect a higher volume of cash-dispensing transactions.

E-CTK Solutions, Inc. (ESI), an affiliate switch network of BancNet, is the Bank’s service provider. FICOBank’s ATMs are connected to the switch and monitoring system of ESI, under an agreed terms and conditions. All transactions acquired by these ATMs shall pass through the said switch, and shall be routed to BancNet switch. The said ATM units can be accessed by all ATM cards and selected credit cards (i.e., BancNet, MegaLink, UnionPay, Visa, MasterCard, etc.). Through the straight leasing arrangement with ESI, the Bank will enjoy to get all the net revenue from fees.  

The said ATMs have a brand topper of “FICOBank ecCASH” (ecCASH is a trademark of ESI ATM unit). As the Bank shall provide the appropriate casing for the ATM, it has the right to put its own corporate logo, graphic signature and product advertisements on it. Similarly, FICOBank and ESI have jointly approved the idle screens and other built-in advertisings for the ATM unit. 

As soon as the Online Banking System of FICOBank will be completed by its Information and Communication Technology Department, it will implement both acquiring and issuing transactions. This implies that a huge volume of convenience banking transactions is on the horizon. And the multisectoral clientele of the Bank has been expecting to get more out of it—account information flow, greater speed, more convenience and, possibly, even greater movement and management of their funds.