UnionBank Rolls Out New Digital Solutions for Business Bankingby Fintech News Philippines November 20, 2023
The Union Bank of the Philippines has launched a range of digital banking solutions specifically designed to cater to the needs of businesses. This development is a part of the bank’s digital transformation initiative that began in 2016.
Among the newly introduced services is PayExpress, an electronic tool that automates supplier payments, including Check Disbursements and Creditable Withholding Tax (CWT) generation. PayExpress aligns with the Bureau of Internal Revenue’s shift towards an e-Invoicing and e-Receipt System, facilitating a more streamlined and efficient payment process for businesses.
In addition, UnionBank has rolled out the Payroll Digital Account Opening (eDAO), a digital platform that significantly simplifies the process of setting up payroll accounts. This service is timely, considering the upcoming Bank Account Portability For Workers Act, which grants employees more freedom in selecting their preferred bank accounts.
Another notable innovation is the Remote Check Deposit (RCD), which allows corporate clients to deposit checks online. This service is designed to accommodate both current-dated and post-dated checks, greatly reducing the need for physical branch visits for check deposits.
The bank has also introduced the Mobile Check Deposit (MCD) service, launched in 2020, enabling the deposit of checks via smartphones. This use of mobile technology exemplifies UnionBank’s commitment to leveraging modern tech solutions to enhance convenience for its business clients.
All these new services are part of UnionBank’s integrated platform, “The Portal”, which offers a comprehensive suite of banking solutions for corporate clients.