Connect with us

Hi, what are you looking for?

HEADLINES

UnionBank empowers future of banking with groundbreaking solutions

Union Bank of the Philippines, a pioneer in digital transformation, has always been among the first to embrace technological innovations to empower its customers.

Union Bank of the Philippines, a pioneer in digital transformation, has always been among the first to embrace technological innovations to empower its customers. It has been recognized as one of Asia’s leading digital trailblazers and continues to serve the growing needs of Filipinos everywhere.

Recently, the bank held its 2022 UB Innovation Festival at the newly inaugurated UnionBank Innovation Campus (UBIC) in San Pedro, Laguna. With the theme “The Future of Banking is with U,” the three-day event celebrated innovative technologies, digital solutions and applications in the financial sector. Among these were groundbreaking solutions developed by UnionBank such as eDAO (ePaycard Digital Account Opening), Remote Check Deposit (RCD), and Embedded Banking.

eDAO offers an efficient, paperless, and fully digital payroll solution to corporate clients that eliminates the need to visit the bank just to open an account. It also simplified the account opening template and submission; eliminated the minimum required number of ePay accounts to be opened; and improved the card issuance process. More importantly, this allows businesses to scale up by embedding this service to their onboarding process. eDAO can be accessed through The Portal, UnionBank’s online business banking platform.

Remote Check Deposit (RCD) is another feature on The Portal. It allows users to submit scanned check images in bulk for deposit to UnionBank. The user simply needs to upload the images along with the check details to The Portal, and then wait for UnionBank to validate the submitted images and details; and finally deposit the approved checks. 

Advertisement. Scroll to continue reading.

RCD accepts up to PHP20,000,000 current dated and post-dated checks. Clients can upload hundreds of checks without having to go to a branch, and just monitor their warehoused, deposited, cleared and returned checks online. In addition, it has cleared and bounced checks status display feature. RCD is the latest industry innovation for check payments that complements the Bank’s mobile check deposit service. 

UnionBank remains at the forefront of digitization through its Embedded Banking, integrating financial products or services into businesses, providing immense value for enterprises and their respective customers. It allows entrepreneurs to manage their finances and at the same time handle their business on the platform. Embedded Banking makes payments more seamless and effortless as it leverages emerging technologies through APIs and blockchain. These enable e-commerce shops to provide better customer experience with their clients. 

Apart from eDAO, RCD, and Embedded Banking, UnionBank also launched UPAY, a platform that consolidates several payment methods and provides a single integration point for customers’ collections needs. It accepts the most common modes of payments like Visa and Mastercard credit and debit cards, bank transfers, popular e-wallets and also collects payments from other local banks. Complementing all these is UnionBank’s Supply Chain Finance (SCF), an online platform which provides secure access to buyers (dealers) and sellers (suppliers) network for efficient document presentment, receivable collections and payable settlement whether via cash or financing terms. This promotes transparency through distributed ledgers and smart contracts which then eliminates fraudulent transactions, such as double financing.

With all of these digital developments, UnionBank ensures not just convenience but the safety of users by employing multi-layered security controls — from its people, perimeter, network, application, host and to its most important data. As more and more Filipinos shift to digital platforms, UnionBank continues to shape the future of banking through innovative solutions for all. Find out more about UnionBank by visiting its website.

Advertisement. Scroll to continue reading.
Advertisement
Advertisement
Advertisement

Like Us On Facebook

You May Also Like

HEADLINES

Unistar is undergoing digital transformation in preparation for the expansion of products and services. As part of its goal of financial inclusion, the credit...

HEADLINES

The iGTB platform, which stands for “intelligent Global Transaction Banking,” provides a range of services to corporate clients through an interactive online experience which...

HEADLINES

RCBC ATM Go accepts any Bancnet prepaid or debit ATM card. Its five-year compounded annual growth rate was registered at 85 percent.

HEADLINES

The partnership builds on a collaboration forged in 2019 and is focused on driving tourism growth in Singapore through a series of digital and...

HEADLINES

While many Filipinos have become comfortable with access to fintech through basic accounts and cashless payments, there are still many financial solutions in the...

HEADLINES

Through Xendit’s digital payment infrastructure, China Bank account holders nationwide can now link their bank account to the Maya app. Once the accounts are...

HEADLINES

GoTyme Bank gathered some of the founders of online communities in an event to launch the features that come with a GoTyme Bank account.

HEADLINES

With rising demand for digital fund transfers over traditional paper transactions, BOC continues to realign its processes to effectively engage and support the growing...

Advertisement