Sterling Bank introduces 1st local dollar-based prepaid card

 Economy
Dec 202013
 

MANILA, Philippines – Sterling Bank of Asia (Sterling Bank) is introducing the first locally-issued dollar-based currency prepaid card.

The thrift bank has partnered with Visa International for the use of the ShopNPay US Dollar Visa Prepaid Card, which has an embedded EMV chip.

An EMV card has an embedded microprocessor chip that store and protect cardholder data. EMV actually stands for Europay, Mastercard, and Visa.

“Compared with existing magnetic stripe cards, the computing power of the chip ensures security and global interoperability so that Visa cards can be accepted around the world,” Lamberto R. Villena, Sterling Bank president and chief executive officer, said.

Villena added that Sterling Bank is constantly developing innovative products to fulfil the needs of its clients.

“The ShopNPay US Dollar Visa Prepaid card is a convenient and a secure way for our clients to manage funds when travelling abroad. It also makes shopping overseas a seamless experience,” he added.

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One of the major concerns of travellers is the fluctuations in exchange rate, which can be answer by an EMV enabled card.

No currency fluctuation for US dollar transactions will be experienced by cardholders as the US dollar exchange rate is locked-in at the time of card load, thus giving cardholders complete control over their travel funds.

The ShopNPay US Dollar Visa Prepaid Card reduces the risk of carrying large amounts of cash when travelling. It can be used to make purchases worldwide.

Visa is accepted by millions of merchants all over the world. The ShopNPay US Dollar Prepaid Visa card can be used to withdraw funds from over two million automated teller machines (ATMs) around the world and can be loaded by transferring funds from existing Sterling Bank Solo Dollar Savings account, free of charge or via inward remittances.

The ShopNPay US Dollar Prepaid Visa Card can be accessed locally or overseas. It can also be used for online purchases such as for hotel bookings and plane tickets and limits the risk for fraud.

Cloud computing heightens bank competitiveness – BSP

 Economy
Aug 212013
 
Cloud computing heightens bank competitiveness – BSP

MANILA, Philippines – Employing cloud computing would help small banks increase their competitiveness, the Bangko Sentral ng Pilipinas (BSP) said. “It’s a cost-effective way for them to be able to store, manage data without having to invest heavily in infrastructure,” BSP Deputy Governor Nestor A. Espenilla Jr. told reporters. “Actually, it’s a solution which upgrades the competitiveness of small institutions,” he continued. The BSP recently approved the issuance of an enhanced Information Technology Risk Management for financial institutions which includes the need for banks and non-bank financial institutions to adopt cloud computing to improve their services. Cloud computing utilizes the Internet to store and share information. Firms can use a private cloud which will be solely for their own use or a public cloud, which the public or a group of companies can use. Firms can also opt to use a mix of both. “I think we’re actually a pioneer in formulating a regulation that allow banks to do cloud computing,” Espenilla said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Regulators in the Philippines and Singapore are the among the first in the Association of Southeast Asian Nations (ASEAN) to issue specific guidelines for the use of cloud computing for banks and other financial institutions, Espenilla said. The mandate in the Philippines is effective immediately, he said. Aside from the use of cloud computing, the BSP has ordered banks to replace automated teller machine (ATM) cards with EMV-enabled ones by January 2017. Banks were also mandated to change Read More …

Visa sets Phl rollout of EMV chip cards

 Economy
Feb 052013
 
Visa sets Phl rollout of EMV chip cards

MANILA, Philippines – Visa Inc., a global payments technology company,  is preparing to roll out in the Philippines the Europay MasterCard Visa (EMV) chip cards, a new tool that would further protect customers against fraud, a top company official said. Iain Jamieson, Visa country manager for the Philippines and Guam, said they have a timeline to encourage acquirers to upgrade their automated teller machines (ATMs) in Asia Pacific and the US to accept EMV chip cards. “If an EMV chip card is used at an ATM that cannot accept EMV chip-enabled cards, the ATM acquirer will bear the cost for counterfeit fraud. Currently card issuers bear the liability for fraudulent ATM transactions,” he said. “As electronic payments and ATMs become more widely used across the Philippines and abroad, Visa is committed in ensuring the security of cardholders’ transactions,” he added. EMV chip technology, Jamieson said, adds additional security layers, giving cardholders greater peace of mind. “The security benefits of dynamic authentication to the ATM channel will significantly reduce card present fraud,” he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Since EMV chip payment devices generate dynamic values unique to each transaction and that change with every use, chip technology adds an additional layer of security that helps significantly reduce card fraud. By encouraging investments in EMV chip technology, Visa is encouraging improved international interoperability and security with dynamic authentication as well as helping to build a foundation for mobile payments. At present, Visa connects consumers, businesses, financial Read More …