Security Bank’s govt payment service cited at HK’s The Asset Triple A awards

June 12, 2017 - 2:52 PM
Security Bank was recently cited as ‘Best Regionalist Specialist’ and ‘Best in Treasury and Working Capital for the Philippines’ at The Asset Triple A Awards 2016 in Hong Kong.

MANILA – Security Bank Corporation emerged as winner in two public sector categories at the recently concluded The Asset Triple A Awards 2016 held in Hong Kong.

The Bank was named ‘Best Regional Specialist Award’ and ‘Best in Treasury and Working Capital for the Philippines’ under the public sector category in recognition of its efficient government payment services and performance in corporate treasury management, trade finance, supply chain, and risk management.

“Our electronic government payments system (eGov payments) was introduced nine years ago through DigiBanker to aid the government agencies in serving the public. It utilizes top-security internet operations and streamlines processes for an efficient delivery of quality services,” said president and CEO Alfonso L. Salcedo, Jr.

The Bank, through its electronic platform for cash management solutions DigiBanker, gained the trust of government agencies. The Bank’s government payment facility covers financial transactions for Home Development Mutual Fund (Pag-IBIG), Social Security System (SSS), Philippine Health Insurance Corporation (PhilHealth), Bureau of Internal Revenue (BIR), and the Bureau of Customs (BOC).

DigiBanker deploys strict security measures through online facility utilizing SSL with 256-bit encryption, which is the highest and first in local banks along with Verisign EV SGC certification, said the bank in a press release. It is fully equipped with technologies that enable ease of large file transfers and provide a more secure platform and firewall.

Through the years, Security Bank said it has maintained its reputation as the only bank that has a fully integrated system with the Philippine Health Insurance Corporation (PhilHealth), a server-to-server connectivity for streamlined processing of premium contribution settlement and posting.

Security Bank cited its distinction as the first bank that launched the process of host-to-host connectivity with the Philippine Clearing House Corp (PCHC) and the Bureau of Customs (BOC), as well as the first bank to offer 24×7 payments capability.

This automation was also cited by the Philippine government as the first to have adopted an online facility for payments of custom duties and taxes enabling shortened turnaround time of the release of goods and helping port decongestion. It also helps the government in preventing issues which may hamper manual payment process.

The Bank said it also works together with state shelter agency Pag-IBIG to encourage customers on the benefits of automation. The host-to-host system through the Pag-IBIG RealTime module ensures timely and accurate posting of payments.

“Our Bank’s continued proactive approach and risk management framework is part of our commitment to deliver the promise of BetterBanking,” Salcedo said.

In the past four years, The Asset has cited Security Bank’s electronic cash management system as the ‘Best e-Solutions Partner Bank in the Philippines’ from 2013-2016. The Asset Triple A Digital Enterprise Awards also recognized Security Bank as the ‘Best Electronic Bank’ in 2015 and 2016.