UBX, UnionBank’s fintech subsidiary, is passionate about financial inclusion. UBX builds platforms that bring businesses and people together. i2i is a cloud-based platform that enables financial institutions across the country – from cities and towns to rural and remote areas – to expand their digital capabilities while offering additional financial services. Fifty-two institutions, consisting of rural banks, cooperatives, thrift and savings banks are currently live on the platform. i2i enables payments & remittance, real-time funds transfers, and bill payments for customers of member institutions.
MVSM bank got onboarded on i2i in November last year. We can now easily facilitate funds transfer to other rural banks, cooperatives, and to big banks in the city. This also enables us to better serve our clients through its low-fee and real-time money transfer and bills payment.
Our bank has been in service since 1953. Our head office is in Marikina and we have 9 branches located in San Mateo, Rizal; Concepcion, Marikina; Ortigas Extension, Pasig; Mutya ng Pasig Market; Taytay, Rizal; Antipolo, Rizal; Binangonan, Rizal; Tanay, Rizal; and Pililia, Rizal. The i2i platform will be a great asset in fulfilling our vision of being the bank of choice in the areas we operate in.
UBX President and CEO, John Januszczak, expressed his delight on the partnership. “We are happy to welcome MVSM as part of i2i’s growing network. With the threat of the COVID-19 pandemic and the current state of the country, this partnership ensures that MVSM can rely on i2i to continue serving its clients amidst this crisis. MVSM clients can now bank at any i2i branch near them.”
Currently, rural banks have limited access to financial networks and clearing systems, with remittances from abroad taking days before being credited to onshore accounts. As an alternative, Filipinos rely on non-bank remittance counters that require sending funds physically and are subject to high fees. This is the challenge to which i2i provides a solution. i2i is powered by blockchain technology which makes data management and data-driven processes decentralized, tamper-proof, and more transparent.
Integrating i2i into our system is one great step for MVSM in navigating our way to digital transformation.