MegaLink
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| Product type | Online bank |
|---|---|
| Country | Philippines |
| Introduced | 1989 |
| Discontinued | 2015 |
| Markets | 8 members with 3,413 ATMs across the Philippines[citation needed] |
| Website | http://www.megalink.com.ph/ |
MegaLink (also spelled as Megalink) is a Philippine-based developer of mobile and banking software as well as a service provider for banks, specifically for Automatic Teller Machine (ATM) networks and point of sale systems for banks. It was established in 1989; it was later repurposed in 2015.
History
[edit]
MegaLink was formed in September 1989 by Equitable Banking Corporation (now merged with Banco de Oro), Far East Bank and Trust Company (now part of BPI), Philippine National Bank (currently a BancNet member), and United Coconut Planters Bank.
MegaLink was launched on March 19, 1990. MegaLink was linked with both BancNet and Expressnet. In 1992, the banks of ATM Bersama, an Indonesian interbank network, turned to MegaLink's expertise as their model for a shared services network. MegaLink launched the Debit Bills Payment as well as purchases via POS terminals in 1993. A year later, MegaLink introduced telephone banking.[This paragraph needs citation(s)]
In 1995, MegaLink forged an alliance with BancNet. In 2003, MegaLink launched an Electronic Settlement with the Bangko Sentral ng Pilipinas. In 2006, the ATM Industry Association (ATMIA) signed up MegaLink as a founding member in the Philippines. In 2011, MegaLink was interconnected with the Korea Financial Telecommunications and Clearings Institute (KFTC) in South Korea. MegaLink implemented a Telco-agnostic mobile banking service. In 2013, MegaLink also interconnected with National ITMX in Thailand.[This paragraph needs citation(s)]
In late January 2015, MegaLink and BancNet announced their merger.[1] BancNet is the sole surviving entity, while MegaLink has been repurposed.[2] MegaLink now lists itself as a BancNet member under the independent ATM deployer category.[3] Following the repurposing, MegaLink and its assets were sold to the Japanese conglomerate Hitachi, of which MegaLink is now a subsidiary.
Final members
[edit]
Transferred to BancNet
[edit]- Banco de Oro
- BDO Network Bank (formerly One Network Bank)
- Coop-NATCCO
- Country Builders Bank
- ENCASH
- GCash Inc. (formerly Mynt/ G-Cash Xchange, Inc.)
- MASS-SPECC Cooperative Development Center
- Pacific Ace Savings Bank
- Union Bank of the Philippines
Defunct banks
[edit]- Equitable PCI Bank (merged with Banco de Oro)
- Planters Development Bank (merged with Chinabank)
See also
[edit]- BancNet (the surviving ATM network in the Philippines)
- Expressnet (MegaLink's alliance member, also absorbed by BancNet)
- ATM usage fees
- ENS
References
[edit]- ^ Torres, Ted P. "BancNet, MegaLink merger marks 'new beginning' in e-payments". philstar.com.
- ^ "BusinessWorld | Philippines to have unified ATM network by next year". Bworldonline.com. Retrieved February 24, 2020.
- ^ "Bancnet: Our Members". www.bancnetonline.com.
External links
[edit]| Philippine interbank networks |
|---|
| BancNet | ENS | Nationlink |
| Defunct: Expressnet | MegaLink | |