Security Bank (SBC) and San Miguel (SMC) have formed a new consumer-payment card venture to roll out a new contactless and reloadable cash card, Sweep Card, on 28 February 2014 at Mercato Centrale in Bonifacio Global City, Taguigin, Philippines.
Powered by SBC’s cash-card system, the new card is linked to the platform of Autosweep Post, a wholly owned subsidiary of SMC, through the facilities of SBC’s cash-management system – DigiBanker.
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The Sweep Card allows customers to purchase and reload the card at over 100 retailers, convenience stores, fast-food chain outlets and toll ways.
SBC transaction banking group head, Daniel Yu, said one of the key drivers of growth for 2014 and beyond is their transaction banking group’s performance in integrating their system into several consumer-based platforms, such as what Autosweep has created.
"As long as there is a need that has been identified and our system can deliver the promise, we will look into how we can participate and create the model that would build a win-win proposition with our partner," Yu added.
SMC is further planning to enter into more partnerships to build the capabilities of its transaction banking group.
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