State-owned Land Bank of the Philippines (LandBank) recorded double-digit growth in its digital transactions during the first half of the year. In a statement on Sunday, LandBank said it facilitated 94.7 million transactions worth PHP1.9 trillion during the period, up by 22 percent and 41 percent in volume and value, respectively. The combined digital transactions were made through the Mobile Banking App (MBA), Electronic Modified Disbursement System (eMDS), LandBank Bulk Crediting System (LBCS), Link.BizPortal, iAccess and weAccess. The MBA accounted for the bulk, facilitating 76.1 million transactions amounting to PHP140.5 billion. LandBank customers mostly use the MBA for fund transfer, bills payment and purchasing government bonds, including the Retail Treasury Bonds Tranche 29 (RTB-29) offered in February. The eMDS, LandBank's internet facility for national government agencies, facilitated 1.4 million transactions with a total value of PHP1.3 trillion. Transactions made through the electronic bulk disbursement facility LBCS, reached 3.6 million with a total of PHP32.3 billion while the Link.BizPortal, a web-based payment channel for paying for products and services online, recorded 4 million transactions worth PHP6 billion. The value of transactions facilitated via LandBank's online retail banking channel, iAccess, and its corporate Internet banking platform, weAccess, meanwhile amounted to PHP9.1 billion and PHP433.3 billion, respectively. 'More customers continue to embrace the advantages of using LandBank's digital banking solutions," said LandBank president and chief executive officer Lynette Ortiz. "We will drive investments to upgrade our digital infrastructure further, to continue providing convenient, accessible, and secure services,' she added.
Source: Philippines News Agency