BancNet found exactly what it needed in SafeNet’s portfolio of superb information security solutions. It chose SafeNet’s Luna EFT, an optimized security solution for ATM switch hosting and ATM driving.
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BancNet reaches out to more banks via ATM Outsourcing secured by SafeNet
1. BancNet
CASE STUDY
BancNet reaches out to more banks via ATM Outsourcing
secured by SafeNet
Customer Profile
BancNet has always been a prime mover of electronic banking in the Philippines. It was the first automated teller machine (ATM) consortium
established in the country, and, currently, the largest, with a total membership of 60 banks and a cardholder base of 8.4 million. BancNet was the
first to implement the network technology that allows multi-bank and multi-channel electronic payments, which, today, continues to empower
Filipinos with the convenience and flexibility to conduct transactions not only at any ATM anywhere, anytime, but also at point-of-sale (POS)
terminals, on the Internet, and with mobile phones.
Business Challenge
Thinking of ways to sustain its market leadership and further share interface it to other switches, such as China Union Pay, JCB, Diners
its strengths with the local banking community, BancNet turned to Club, Visa and MasterCard globally, and ExpressNet and Megalink
offering ATM operations outsourcing to give its clients the leeway to locally.
focus more on their respective core businesses. The service is also
ATM switch hosting and related functions involve a gamut of
aligned with BancNet’s thrust to reach out to more banks, including
applications that require a high-performing hardware security module
thrift and rural banks, so people in the countryside can enjoy the
(HSM), capable of ensuring the utmost data security, cryptographic
benefits of modern banking.
processing, and key management during interbank transactions.
Understanding the complex processes and high costs involved in Given BancNet’s extensive client and cardholder base, it also needs
starting and managing an ATM network, BancNet provides banks with a reliable, foolproof security device to safeguard the data and
a more convenient option through its outsourcing services. BancNet processes within the hardware.
has the capability to perform a wide range of functions, such as ATM
When its existing security solutions provider indicated confidence
switch hosting, card management, and ATM driving, on behalf of its
in delivering the project requirements, but with very high cost
clients. Utilizing a multi-institution ATM switch, it can issue a bank’s
implications, BancNet opted to search the market for a new and
ATM cards, drive its ATMs, connect to its authorizer for approval, and
dependable partner, adept at meeting the critical security demands
of its outsourcing venture.
BancNet Case Study 1