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FICOBank Signs up to Join the i2i Network of UnionBank

Recently, FICOBank has signed up to join the i2i network of UnionBank. With such far-reaching alliance, the digital transformation of FICOBank has not only started but is also on track.

As experienced by other banks, digital transformation is very expensive. It will take a lot of time, manpower and resources, as well as hit-or-miss attempts, to succeed. A bank would also need to talk to different service providers and intermediary companies, which in the long run would be costly. Aside from these, digital transformation will need to address the requirements of not only the customers but also the regulators, i.e., the Bangko Sentral ng Pilipinas (BSP), the Anti-Money Laundering Council (AMLC) and the National Privacy Commission (NPC).

Through the bank-in-a-box technology of UnionBank, FICOBank can now carry out its digital transformation journey with one single partner. With this technology, UnionBank can extend its own digital transformation and universal-bank capabilities to FICOBank. Project i2i (island-to-island, institution-to-institution and individual-to-individual) will enable FICOBank to connect to its customers and other individuals, as well as institutions, all over the archipelago. This UnionBank’s technology will also allow FICOBank to connect to the critical networks, such as the Automated Clearing House (ACH) and the National Retail Payment System (NRPS).

Project i2i aims to improve the banking experience of the customers in rural communities, as it provides the partner-banks a secure and cost-effective way to connect to worldwide banking. As such, FICOBank will enable its customers to pay their bills to more than 250 billers, send money to any i2i network partner of UnionBank, experience real-time money transfer of up to Php50,000.00 per transaction to any BancNet participant via InstaPay, and transfer large amounts more securely to any PESONet member-banks.

With these financial services, and in collaboration with the UnionBank’s i2i network, FICOBank can ably respond to the challenge by the national government and the BSP for all banks to get more unbanked Filipinos onboarded into the banking system.





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