Aboitiz-led Union Bank of the Philippines recently introduced new solutions — eDAO (ePaycard Digital Account Opening), Remote Check Deposit (RCD), and Embedded Banking — to strengthen its banking services offerings.
eDAO offers an efficient, paperless, and fully digital payroll solution to corporate clients that eliminates the need to visit the bank just to open an account. It also simplified the account opening template and submission; eliminated the minimum required number of ePay accounts to be opened; and improved the card issuance process. More importantly, this allows businesses to scale up by embedding this service into their onboarding process. eDAO can be accessed through The Portal, UnionBank’s online business banking platform.
Remote Check Deposit (RCD) is another feature on The Portal. It allows clients to submit scanned check images in bulk for deposit to UnionBank. The user simply needs to upload the images along with the check details to The Portal, then wait for UnionBank to validate the submitted images and details; and finally, deposit the approved checks.
RCD accepts up to P20,000,000 current dated and post-dated checks. Clients can upload hundreds of checks without having to go to a branch, and just monitor their warehoused, deposited, cleared, and returned checks online. In addition, it has cleared and bounced checks status display feature. RCD is the latest industry innovation for check payments that complements the Bank’s mobile check deposit service.
UnionBank continues its digitization efforts through Embedded Banking, integrating financial products or services into businesses, and providing immense value for enterprises and their respective customers. It allows entrepreneurs to manage their finances and at the same time handle their business on the platform. Embedded Banking makes payments more seamless and effortless as it leverages emerging technologies through APIs and blockchain. These enable e-commerce shops to provide better customer experience with their clients.
Apart from eDAO, RCD, and Embedded Banking, UnionBank also launched UPAY, a platform that consolidates several payment methods and provides a single integration point for customers’ collections needs. It accepts the most common modes of payments like Visa and Mastercard credit and debit cards, bank transfers, and popular e-wallets and also collects payments from other local banks. Complementing all these is UnionBank’s Supply Chain Finance (SCF), an online platform that provides secure access to buyers (dealers) and sellers (suppliers) network for efficient document presentment, receivable collections and payable settlement whether via cash or financing terms. This promotes transparency through distributed ledgers and smart contracts which then eliminates fraudulent transactions, such as double financing.
With all of these digital developments, UnionBank ensures not just convenience but the safety of users by employing multi-layered security controls — from its people, perimeter, network, application, host and to its most important data. As more and more Filipinos shift to digital platforms, UnionBank continues to shape the future of banking through innovative solutions for all. Find out more about UnionBank by visiting its website.