RCBC digital distribution of cash aid gets BSP nod

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has given Yuchengco-led Rizal Commercial Banking Corp. (RCBC) the green light to accept and distribute emergency cash from the government to aid families affected by the enhanced community quarantine in Luzon due to the coronavirus disease 2019 or COVID-19 outbreak.

RCBC is the first private bank allowed to aid in the efforts of the Department of Social Welfare and Development (DSWD) in distributing the social amelioration program under Republic Act 11469 or the Bayanihan to Heal as One Act.

Lito Villanueva, executive vice president and chief innovation and inclusion officer at RCBC, said in a statement the bank is lending the use of its platform free of charge to the national government.

“We believe that this is our duty to offer the bank’s capability and knowhow to improve the disbursement process of much-needed social aid,” Villanueva said.

The BSP also permitted the use of RCBC’s two digital platforms – DiskarTech app and ATM Go mobile - to help in the quick disbursement of the social aid to 18 million families nationwide.

The DiskarTech-Lite platform is a digital disbursement tool covering beneficiaries regardless whether they have mobile phone device making it inclusive, comprehensive, secure, fast, and transparent, while the existing ATM Go mobile point-of-sale service is intended for all carded Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries nationwide.

ATM Go has disbursed more than P1 billion in the first quarter through its cash-out partners in 72 provinces nationwide using over 1,800 terminals. More than half of recorded withdrawal transactions are for DSWD’s 4Ps payouts.

“So far, we have covered 89 percent or 72 out of 81 provinces. Additional 2,000 terminals will be deployed in the next couple of weeks. But our aim is to ensure to have these digital touchpoints in all 42,045 barangays from Batanes to Sulu,” Villanueva said.

Functionalities of the DiskarTech-Lite app is limited to receiving and withdrawing funds from a user’s account as the complete features would only be available when the beneficiaries upgrade to the full DiskarTech – Basic Deposit Account.

RCBC president and chief executive officer Eugene Acevedo said the DiskarTech-Lite would be the facility used by the bank to distribute cash to beneficiaries in localities identified by DSWD in coordination with their local government units.

“The digital solution can accommodate recipients who have smartphones, feature phones, and even those without any mobile devices,” Acevedo said.