The Aboitiz-led Union Bank of the Philippines (UnionBank) recently introduced three new solutions to further strengthen its banking service offerings and improve customer experience.
The new solutions introduced by the bank, all of which may easily be accessed through “The Portal,” are eDAO (ePaycard Digital Account Opening), Remote Check Deposit (RCD), and Embedded Banking.
The ePaycard Digital Account Opening (eDAO) solution provides corporate clients with an efficient, paperless, and fully digital payroll solution to allow them to open an account without having to make any bank visits. It simplified the opening and submission of account templates while eliminating the minimum required number of ePay accounts that need to be opened, thus improving the card issuance process.
More importantly, it also allowed businesses to scale up by embedding this service into their onboarding process.
Remote Check Deposit (RCD), meanwhile, allows clients to submit bulk scanned images of the check to be deposited to UnionBank. A user simply needs to upload the images to The Portal together with the check details, then wait for UnionBank to validate the submitted images and details. Once validated, the checks will have been considered already approved for deposit.
UnionBank’s RCD solution can accept up to P20,000,000 current dated and post-dated checks. Clients can upload hundreds of checks without having to physically go to a branch. All the warehoused, deposited, cleared, and returned checks may easily be monitored online.
In addition, the online monitoring system gives users access to a status display feature that gives customers real-time updates on cleared and bounced checks. UnionBank said that this RCD solution complements their mobile check deposit service and is considered one of the latest industry innovations for check payments in the country so far.
Digitization efforts through embedded banking
As more and more Filipinos shift to digital platforms, UnionBank continues to shape the future of banking through innovative solutions for all.
The bank is now actually embarking on a massive ‘digitization’ effort through Embedded Banking, fully integrating financial products or services into businesses and providing immense value for enterprises and their respective customers. It also allows entrepreneurs to manage their finances while handling their business on the platform at the same time.
Embedded Banking makes payments more seamless and effortless as it leverages emerging technologies through APIs and blockchain. These technologies, in turn, enables e-commerce shops to provide better customer experience for their clients.
Apart from eDAO, RCD, and Embedded Banking, UnionBank is also set to launch UPAY, a platform that consolidates several payment methods and provides a single integration point for customers’ collections needs. It accepts the most common modes of payments like Visa and Mastercard credit and debit cards, bank transfers, and popular e-wallets, while also collecting payments from other local banks.
Complementing all these solutions is UnionBank’s Supply Chain Finance (SCF), an online platform that provides secure access to buyers (dealers) and sellers (suppliers) network for efficient document presentment, receivable collections, and payable settlement whether via cash or financing terms. This promotes transparency through distributed ledgers and smart contracts which then eliminates fraudulent transactions, such as double financing.
With all of these digital developments, UnionBank ensures not just convenience but the safety of users by employing multi-layered security controls — from its people, perimeter, network, application and host, up to its most important data.