IN line with providing safe, accessible, and convenient electronic banking solutions, the state-run Land Bank of the Philippines (LANDBANK) continues to waive fees for inter-bank fund transfers until March 31, 2021.
First implemented during the height of community lockdowns in March and previously extended until December last year, the waiver of fees covers retail clients who transfer funds through LANDBANK’s online banking channels via InstaPay and PESONet.
“LANDBANK continues to leverage digital solutions to provide our clients a responsive and safe banking experience in the new normal. We look to facilitate more simple transactions online, thereby ensuring our client’s health and safety during this pandemic,” said President and Chief Executive Officer Cecilia Borromeo.
Digital banking soars
LANDBANK also announced that transactions facilitated through its six major electronic channels grew by 21 percent in volume and 36 percent in amount in 2020 from 2019.
The LANDBANK Mobile Banking App recorded 71.93 million transactions amounting to P85.12 billion, representing upsurges of 68 percent and 201 percent, respectively. The app was upgraded last year with new features such as an improved user interface, cardless withdrawals, and registration of LANDBANK Mastercard Credit and Prepaid Cards in the app.
In addition, LANDBANK’s e-payment facility, Link.BizPortal, facilitated 2.12 million transactions equivalent to a 35 percent increase, with a total value of P7.95 billion representing a 71 percent growth rate.
The bank’s institutional internet banking platform, weAccess, also recorded increases of 30 percent and 41 percent for transactions and amount facilitated, respectively.
LANDBANK also posted a 47 percent growth for the amount transacted via iAccess with P11.86 billion in 2020 compared to P8.08 billion in 2019.
The Bank’s Electronic Modified Disbursement System for national government agency partners posted increases of 110,000 or 8 percent more transactions and P260.39 billion or a 28 percent jump in value.
Lastly, LANDBANK’s Remittance System facilitated 1.92 million transactions for a 44 percent surge, with a total amount of P164.88 billion representing an expansion of 38 percent in 2020.
Apart from these major e-banking channels, LANDBANK’s online account opening platform—the Digital On-boarding System or DOBS—has also paved the way for the opening of almost 2 million accounts since its implementation in July 2019.(LANDBANK)
