Security Bank Corp. ramped up its support for micro, small and medium enterprise (MSME) and corporate clients with the launch of Security Bank Collect—a new channel that enables them to offer various payment options online.
As a digital payment channel, Security Bank Collect accepts credit, debit and prepaid cards such as Mastercard, Visa and JCB and e-wallets such as GCash, Maya, WeChatPay, AliPay and UnionPay. The platform is powered by Magpie.IM Inc, a leading digital payment service provider that centralizes sales invoicing and payment collections for businesses on one platform.
Security Bank Collect was developed by the bank’s business banking segment (BBS) to address MSMEs’ challenges, including limited payment options for buyers, manual reconciliation and monitoring of payments for sellers and high balance and transaction requirements for POS systems for sellers.
“Security Bank Collect is another step forward in our mission to empower businesses,” said John David Yap, senior vice president and business banking head at Security Bank.
“This platform not only broadens the spectrum of payment options available to merchants but also streamlines the entire payment process. By enabling real-time monitoring and reconciliation of payments, Security Bank Collect removes many of the traditional barriers faced by MSMEs, allowing them to focus on growth and innovation,” said Yap.
“There’s no other way but to dive as deep as you can and construct something useful for the market. We have a very big ambition for Security Bank Collect,” said Dominick Danao, chief executive of Magpie.
“We have very good indications that the market needs a platform like Security Bank Collect. Thank you, Security Bank, for the faith,” said Danao.
Security Bank Collect also supports the Bangko Sentral ng Pilipinas’ (BSP) push for digital payment initiatives.
