by Jan Michael Carpo, Reporter
Security Bank Corporation has unveiled Security Bank Collect, a new digital payment platform designed to provide businesses with a wide array of online payment options, furthering its support for corporate clients and micro, small, and medium-sized enterprises (MSMEs).
This initiative is part of Security Bank’s ongoing efforts to drive financial inclusion and streamline payment processes for businesses, allowing them to focus on growth and innovation.
Security Bank Collect, a game-changer for MSMEs
The launch of Security Bank Collect addresses some of the critical challenges that MSMEs face in today’s increasingly digital economy. Traditional barriers, such as limited payment options, complex payment tracking, and manual reconciliation, have long been pain points for small businesses. Security Bank Collect aims to eliminate these hurdles, giving merchants the tools they need to thrive in a fast-paced business environment.
“This platform simplifies the entire payment process and expands the range of payment options available to merchants,” said John David Yap, Senior Vice President and Head of Business Banking at Security Bank. “By streamlining these services, we are making it easier for businesses, particularly MSMEs, to manage their finances, freeing up their time to focus on growing their operations.”
With Security Bank Collect, businesses gain access to real-time monitoring and automated payment reconciliation, which reduces manual tasks and human errors. This feature, in particular, helps businesses save valuable time and resources, allowing them to focus on scaling their operations and innovating new products or services.
A robust payment solution for everyone
Security Bank Collect offers a wide variety of payment methods, providing customers with more choices and improving the payment experience. The platform accepts credit, debit, and prepaid cards, including popular brands like Mastercard, Visa, and JCB.
Businesses can now accommodate payments through major e-wallets
In addition to these, businesses can now accommodate payments through major e-wallets such as GCash, Maya Bank, WeChat Pay, AliPay, and UnionPay.
Security Bank’s partnership with Magpie.IM Inc., a leading provider of digital financial services, powers the platform.
Magpie’s CEO, Dominick Danao, emphasized the significance of creating a tailored solution that caters to the needs of the market. “You have to delve as far as you can and create something that will benefit the market. There is no other option. For Security Bank Collect, we have very high goals,” Danao said.
Danao also expressed confidence in the demand for such a platform, underscoring how crucial it is for businesses to have easy access to secure and flexible payment options. “I appreciate your faith,” Danao added, signalling a strong collaboration between the two organizations.
Supporting the government’s digital payment push
Beyond the benefits for businesses, Security Bank Collect aligns with the Philippine government’s push for digital payment initiatives. As the country moves toward a more cashless economy, platforms like Security Bank Collect play a vital role in encouraging digital transactions and helping businesses transition away from cash-based payments.
The bank’s new platform not only simplifies payments for MSMEs but also supports broader financial inclusion by offering flexible payment methods that cater to various customer preferences. This effort is part of a larger national agenda to foster an environment where digital payments can thrive.
While Security Bank Collect already supports a wide range of payment methods, the bank has plans to further expand its capabilities. In the future, the platform is set to accommodate even more payment solutions, including Home Credit, ShopeePay, Asia United Bank’s HelloMoney, InstaPay, and QR Ph.
This planned expansion reflects the Security Bank’s commitment to evolving alongside market demands and providing businesses with the best possible tools to succeed.
Empowering businesses with innovation
At its core, Security Bank Collect is about enabling businesses to be more competitive in an increasingly digital world.
By removing the barriers associated with traditional payment systems, Security Bank is empowering MSMEs and larger businesses alike to focus on what truly matters—growing their operations and serving their customers.
“The ability to offer multiple payment methods through a single platform is a game-changer for businesses, especially MSMEs,” Yap emphasized. “
It’s a simple yet powerful way to help them improve their payment systems, which ultimately drives efficiency and growth,” he added.
As Security Bank Collect continues to evolve and add more features, businesses of all sizes can look forward to a more streamlined, efficient, and flexible payment process that will help them keep pace with the digital economy.
Security Bank Corporation is one of the Philippines’ leading universal banks serving retail, commercial, corporate and institutional clients. In June last year, the bank posted a net profit of P2.4 billion in the first quarter of 2023, driven by growth in its core businesses. On a sequential quarter-on-quarter basis, net profit increased 18 per cent. Net interest margin also increased to 4.06 per cent, up by 14 basis points versus the previous quarter.