THE BANK of the Philippine Islands (BPI), the country’s third largest in terms of assets, has launched a mobile-based cash management system dubbed “BPI Expresslink Mobile.”
“BPI Expresslink Mobile is the country’s first mobile banking platform for businesses… This will allow executives to do banking transactions wherever they are,” said Bess J. Basa, BPI vice president and cash management head, in a press briefing on Friday.
Expresslink Mobile is the mobile version of Expresslink, which allows BPI corporate clients to check their account balances, approve financial transactions, do inter-company fund transfers, pay corporate bills and make payments to government agencies, among others, online.
Expresslink, however, does not allow clients to make interbank transactions, but Ms. Basa said BPI is working with other banks to allow this. She said the this new capability will be launched in 2012.
Ms. Basa said Expresslink Mobile will help clients save on operational costs as they shift to automated transactions from manual processes. She added it will also help clients save on time, as they complete various transactions using just their mobile phones.
Security is very tight, as it uses a 128-bit encryption that will prevent unauthorized eavesdropping on electronic data flow. Also, users are automatically logged out of their accounts after 10 minutes of inactivity, and usernames and passwords cannot be stored in the phone.
In case clients lose their phones, they just need to contact their BPI relationship managers or any transaction banking officer to deactivate the phones.
As for the transaction fees, Ms. Basa said clients have the option to be charged a fee per transaction or maintain an average daily balance of P20,000.
BPI allocated between P15 and P20 million to come up with the mobile system.
The bank has been launching new electronic banking innovations as it celebrates its 160th anniversary this year.
In April, it launched the Investment 3.0, a service that will allow clients to make investments online.
It also rolled out the customer transaction assist machines, which eliminate queueing among clients wanting to make deposits, payments or withdrawals, at its over 800 branches nationwide.