The 2022 BancNet Annual Report reflects a year of real progress, and no small amount of resilience. As the Philippines gradually found its footing in the post-pandemic world, BancNet stood at the center of a recovering economy, keeping financial connections running smoothly across the country. By year’s end, the network had facilitated an all-time high of 1.27 billion switched transactions, a 19.15% jump from the previous year.
More than just the numbers, the BancNet 2022 report tells the story of how Filipinos were embracing digital payments in ways never seen before. From traditional ATM cards to cardless mobile banking and QR Ph codes, BancNet online services held steady under growing demand, staying robust and scalable for millions of users nationwide. The year also marked a significant leap in InstaPay adoption and the successful pilot of BillsPay Ph, a real-time, cross-institution bills payment facility developed in collaboration with the BSP, further cementing BancNet’s role as a key enabler for banks, financial institutions, and e-money issuers across the country.
InstaPay Growth: Processed a record-breaking 538.45 million transactions, reflecting a 25.47% increase in volume from 2021.
Strengthening Network Security: Upgraded vital infrastructure to Hardware Security Modules (HSM) 10000 and established the framework for the Trace and Alert service, an analytics tool designed to help participants identify and monitor potential money mules and fraudulent transactions.
Innovation in Bills Payment: Launched BillsPay Ph in collaboration with the BSP, enabling customers to make real-time digital payments to billers even if their accounts are with different financial institutions.
Operational Excellence: Maintained high average switch availability rates of 99.97% for InstaPay and 99.98% for ATM services despite handling a peak volume of 6.18 million transactions in a single day.
Government Interconnectivity: Facilitated a 42.36% increase in digital payment volume to government agencies, totaling 3.82 million transactions for Pag-IBIG, PhilHealth, SSS, and BIR.
For a complete view of BancNet’s yearly performance and detailed insights into our progress, download the full annual report.
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