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Spearheading innovation in transaction banking
PASIG, Philippines, Nov. 20, 2023 /PRNewswire/ — Union Bank of the Philippines (UnionBank) embarked on a digital transformation journey in 2016, long before the COVID-19 pandemic underscored the importance of digital readiness. This forward-thinking approach has enabled UnionBank to position itself as a digital trailblazer in the financial sector, allowing them to scale their operations efficiently and stay ahead of the curve.
UnionBank’s Ramon Duarte (UnionBank Transaction Banking Head) & Erika Dizon-Go (UnionBank Transaction Banking Corporate Product Management Head) shared how to make payments and transactions easier in a media roundtable discussion at Makati Shangri-la last November 9, 2023.
One of the most striking aspects of UnionBank’s digital transformation is the overhaul of their customer touchpoints. The bank has gone the extra mile to provide a seamless and enhanced experience for its customers: from transforming physical branches into today’s ‘Arks’ — advanced, digitally-integrated spaces catering to customers’ various needs — to developing user-friendly, online banking applications which allow them to conveniently access their accounts and manage their finances within the comforts of their homes, and even the creation of a specialized platform which addresses the unique needs of corporate clients. UnionBank’s tailored approach is an excellent demonstration of the bank’s commitment to meeting the diverse requirements of its customer base, as it embraces the advantages of the digital age.
UnionBank’s core strength lies in transaction banking, with 51% of their deposits originating from corporate clients, surpassing the industry benchmark of 45%. The adept manner in which they handle their transaction banking processes has led to quicker and more secure financial transactions, and has earned the trust of their corporate clients in the process.
Unionbank recognizes the evolving business landscape and is committed to helping other enterprises succeed in the digital age by ushering in a new era of innovative transaction banking solutions. Unionbank aims to empower businesses — to be built for beyond.
PayExpress
A first of its kind, PayExpress, is an electronic supplier payment solution with automated Check Disbursements and Creditable Withholding Tax (CWT) Generation. Unionbank understands the significance of streamlining supplier payments and enhancing efficiency — and PayExpress does just that. It allows clients to conveniently manage transactions by collecting Official Receipts (ORs) from suppliers and vendors prior to disbursing or crediting payments.
What sets PayExpress apart is its immediate generation of Creditable Withholding Tax (CWT) and Invoice Vouchers, sent directly to nominated email addresses of suppliers and vendors, once the ORs are collected and funds are credited to payees.
PayExpress complements the Bureau of Internal Revenue’s (BIR) forward-looking strategy to adopt an e-Invoicing and e-Receipt System. The initiative is a significant step in the modernization of the country’s tax documentation processes. By providing a secure and efficient platform for collecting Official Receipts (ORs) and generating essential documents like Creditable Withholding Tax (CWT) and Invoice Vouchers, PayExpress helps businesses seamlessly adapt to these evolving tax regulations. This alignment not only simplifies tax compliance but also contributes to the overall transparency and efficiency of financial operations.
Payroll Digital Account Opening (eDAO)
Say goodbye to in-person bank visits when setting up payroll accounts with Unionbank’s Payroll Digital Account Opening (eDAO). eDAO is a solution which provides efficient, paperless, and fully-digital end-to-end ePaycard payroll and corporate disbursement solution for corporate clients to their employees. Corporations can now efficiently distribute salaries, while offering an array of value-added benefits to their employees allowing them to open an account at the convenience in their own home.
Moreover, eDAO also complements the upcoming Bank Account Portability For Workers Act (Hb7619), granting private sector employees the prerogative to select and change their preferred bank accounts, thereby liberating them from the constraints of a one-size-fits-all banking system.
In essence, eDAO not only simplifies the account setup process for corporations; it also positions UnionBank as a forward-thinking institution aligned with legislative changes aimed at enhancing the financial flexibility and convenience of employees.
Remote Check Deposit
Remote Check Deposit (RCD), redefines the way checks are deposited. With RCD, corporate clients can effortlessly use a check scanner to deposit a hundred checks at a time online, eliminating the need for branch visits. All they need to do is upload the images along with the check details on The Portal, and UnionBank will take care of the rest — from validating the submitted images and details to depositing the approved checks. RCD supports deposits of both current-dated and post-dated checks, with a cap of PhP20,000,000. Clients can conveniently track their status online, from warehousing to clearance and return. RCD also provides a clear display of cleared and bounced checks, making it a cutting-edge innovation in check payments, perfectly complementing the bank’s mobile check deposit service
Mobile Check Deposit
The implementation of the Check Image Clearing System, adopted by the Philippine Clearing House Corporation (PCHC) in 2017, marked a significant advancement in the modernization of banking processes. This innovation eliminated the need for physically transporting checks for clearing, as only check images and their electronic payment information were required to be transmitted to the paying bank. In tandem with advancements in mobile technology, UnionBank introduced its award-winning Mobile Check Deposit (MCD) in 2020, effectively reshaping the operational landscape for business clients. MCD capitalizes on the prevalence of the most commonly used gadget – a smartphone — by allowing corporate clients to conveniently deposit checks at their preferred time and place, thereby overcoming the limitations of having to visit traditional physical counters and embracing the convenience of a digital interface.
The PORTAL
All these cutting-edge transaction banking solutions are all conveniently accessible through a single platform known as "The Portal". This one stop shop corporate banking facility offers corporate clients seamless access to UnionBank’s extensive array of products and services, making it the go-to choice for large corporate entities seeking a convenient, secure, and efficient solution for their day-to-day financial transactions.
The future of banking is here, and UnionBank remains dedicated to elevate businesses’ transaction banking experience through its continuous pursuit of innovative solutions.