Security Bank has rolled out a new digital platform designed to address the payment needs of micro, small, and medium enterprises (MSMEs) as well as corporate clients, according to a report by the Philippine Star.
The new Security Bank Collect platform offers businesses a variety of online payment options, streamlining transactions and boosting operational efficiency.
According to John David Yap, Security Bank’s Senior Vice President and Head of Business Banking, the platform simplifies the payment process while expanding the range of payment methods available to merchants.
Security Bank Collect allows for real-time tracking and reconciliation of payments, addressing common challenges faced by MSMEs, including limited payment options and manual processes for monitoring transactions.
Yap added that this platform will enable businesses to focus more on scaling and innovation.
The platform supports a range of payment methods, including credit, debit, and prepaid cards from networks like Mastercard, Visa, and JCB.
It also integrates widely-used electronic wallets such as GCash, Maya Bank, WeChat Pay, AliPay, and UnionPay.
Powered by Magpie.IM Inc., a digital financial services provider, Security Bank Collect centralises payment and invoicing processes for businesses.
Security Bank stated that the platform aligns with the government’s push for greater adoption of digital payments.
In the future, Security Bank Collect is expected to add more payment options, including QR Ph, InstaPay, and services like ShopeePay and Home Credit.
Featured image credit: Edited from Freepik
