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.
