Landbank’s digital transactions skyrockets to P4.8Tn
MANILA, PHILIPPINES — Government-owned Landbank of the Philippines recorded a total of 123.3 million digital transactions worth P4.8 trillion (US$86.7 billion) from January to October 2022.
This represents a 14% improvement in volume and a 156% hike in value of the bank’s transactions as compared to a year ago.
According to a statement, these increases were due to the combined transactions from the Landbank mobile banking application, iAccess, weAccess, Link.BizPortal, electronic modified disbursement system, and the Landbank bulk crediting system.
weAccess, Landbank’s corporate internet banking platform, facilitated the most transactions this year, jumping by 664% year-on-year. This translates to about P3 trillion (US$54.2 billion).
The state bank’s internet facility for national government partners also picked up by 17%, with 1.9 million transactions valued at P1.6 trillion (US$28.9 billion).
Its mobile banking app also improved, with 97 million transactions amounting to P171.3 billion (US$3.09 billion), up 18% and 28%, respectively.
Landbank’s online retail banking channel and electronic disbursement facility, its online retail banking channel iAccess, and web-based payment channel Link.BizPortal, also secured billions in transactions this 2022.
Meanwhile, Landbank and the Department of Information and Communications Technology (DICT) recently signed a Memorandum of Understanding (MOU) to harmonize, coordinate, and integrate their ICT efforts. This deal includes resource sharing, database building, and agency networking linkages.
