Tag: Union Bank

Philippines – Following its pursuit to embrace digital readiness, Union Bank aims to poise itself to establish more user-friendly, online banking solutions that empower businesses in the current digital age. 

Among its latest initiatives, UnionBank has embarked on the development of PayExpress, allowing clients to conveniently manage transactions by collecting official receipts from suppliers and vendors before the disbursement or crediting of payments. 

This new platform also comes with immediate generation of creditable withholding tax and invoice vouchers which enable direct sending of nominated email addresses to suppliers and vendors, once the receipts are collected and funds are credited to payees. 

Interestingly, a plan to adopt e-invoicing and e-receipt System is currently in the move, giving PayExpress the opportunity to assist businesses in adjusting to the changing tax requirements. This notable alignment offers a safe and effective platform for obtaining official receipts and producing necessary documentation like creditable withholding tax and invoice vouchers.

Another addition to this initiative is the establishment of UnionBank’s payroll digital account opening. With this solution, a more efficient, paperless, and fully-digital end-to-end ePaycard payroll and corporate disbursement solution can now be arranged by corporate clients to their employees. 

At the same time, corporations can also distribute salaries and offer a wide range of value-added benefits to their employees, allowing them to open an account at the convenience of their own home. 

Said banking solution also complements the upcoming regulation about bank account portability for workers, granting private sector employees the prerogative to select and change their preferred bank accounts, liberating them from the constraints of a one-size-fits-all banking system.

Furthermore, UnionBank has also revolutionised the present-day check deposits by the inclusion of a ‘remote check deposit’.  With RCD, corporate clients can effortlessly use a check scanner to deposit a hundred checks at a time online, eliminating the need for branch visits. 

As RCD supports deposits of both current-dated and post-dated checks, clients can conveniently track their status online, ranging from the warehousing to clearance and return. RCD also provides a clear display of cleared and bounced checks, making it a cutting-edge innovation in check payments, perfectly complementing the bank’s mobile check deposit service.

Meanwhile, the implementation of the check image clearing system has overcome the need for physically transporting checks for clearing since only check images and their electronic payment information were required to be transmitted to the paying bank. 

Moreover, when UnionBank introduced the Mobile Check Deposit (MCD) in 2020, it has already capitalised on the prevalence of smartphone use, allowing corporate clients to conveniently deposit checks anytime and anywhere. 

Throughout the years, UnionBank’s extensive array of products and services has already made it the go-to-choice for large corporate entities seeking a convenient, secure, and efficient solution for their day-to-day financial transactions. 

With their latest technological adoptions, UnionBank remains dedicated to its goal of elevating the banking experience of every business in the country.

Mandaluyong, Philippines – As part of the Powered Up campaign, UnionBank has recently unveiled ‘UB Negosyante’, an innovative solution for micro, small, and medium enterprises (MSMEs) in the country. 

Through this initiative, the banking firm intends to support MSMEs in elevating their business and entrepreneurial journeys, regardless of whether they are business owners, sole proprietors, or microentrepeneurs. 

In particular, part of this campaign builds on the benefits of the bank’s business banking application, which has now levelled up to provide more comprehensive insights about business and enhanced tools to further their use. 

‘UB Negosyante’ features a more accessible tool kit allowing SMEs to transfer cash, pay bills, collect payments, and deposit checks on the go. This revitalized version of the app now includes Bizstarter, a basic checking account that requires a sustaining balance of only Php 5,000 pesos.

Meanwhile, the rebranding of the application’s name was derived from the sentiments of business owners and bank’s existing MSME clients.The survey uncovered a strong preference for simplicity and relatability which the company used to spice up the name of the app.

Dino Velasco, institutional segment marketing head at UnionBank explained the goal of the rebranded name, stating, “Compared to MSME Business Banking, the new UB Negosyante brand is more relatable, easy to understand, and more inclusive. That was the intent behind the rebranding.” 

On the other hand, Jaypee Soliman, business banking head at UnionBank, affirmed their support to advancing the business landscape in the country and said “SMEs face so many challenges due to various pain points which can be discouraging to them. We wanted to address those pain points, so we put together a single user experience through the UB Negosyante app that will address those pain points, may they be related to collection, reconciliation,disbursement, just to name a few.” 

The launching commenced with a gathering of MSME clients and prospects on November 8 at the podium hall in Mandaluyong.