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Business

Security Bank flexes digital cash management

Lawrence Agcaoili - The Philippine Star
Security Bank flexes digital cash management
John Cary Ong, executive vice president and transaction banking group head at Security Bank, said several businesses used to view cash management as a “nice-to-have” value-added service provided by banks.
Philstar.com / Deejae Dumlao

MANILA, Philippines — Security Bank Corp. has stressed the importance of digital cash management services amid the abrupt change in consumer behavior due to the pandemic.

John Cary Ong, executive vice president and transaction banking group head at Security Bank, said several businesses used to view cash management as a “nice-to-have” value-added service provided by banks.

“Today, it is viewed as a vital tool in helping them run their business. And as these businesses go through their own digital transformation, digital cash management services are now a critical and integral part of their end-to-end financial operations,” Ong said.

Security Bank continues to empower businesses through online cash management, as ensuring good cashflow is the lifeblood of any business.

The bank has helped thousands of companies with DigiBanker, a digital cash management system, enabling organizations to closely and easily monitor cash flows, settle obligations on time, properly disburse funds, maximize liquidity, and minimize the cost of doing business in the long run.

Companies, big or small, need to generate sufficient cash from its activities to pay for expenses and grow its operations. As businesses grow, it’s important to keep track of cash flow to efficiently provide stakeholders with a bird’s eye view into a company’s financial health.

Without a systematic process of collecting and managing cash flows, companies may quickly fall behind in monthly operational expenses, resulting in debt and insolvency due to failure in anticipating unforeseen liabilities.

Through DigiBanker, entrepreneurs now have an option to automate tedious and often time-consuming processes.

A client since 2009, the W Group has leveraged Security Bank’s DigiBanker platform to help manage its finances, from payments to the Bureau of Customs through PAS5, settlement of government related dues through the eGov module, and efficient check-handling with the PDC manager.

W Hydrocolloids Inc. chairman and president John Stanislaus Wee said the company is pleased to have a partner such as Security Bank, helping the business streamline its financial operations.

“Through their effective collections, liquidity, and disbursements platform, we can automate multiple financial transactions, manage daily cash flows, minimize possibility of human error and navigate the digital payments ecosystem with ease,” says

The W Group is known in the real estate sector for developing some of Bonifacio Global City’s iconic office high rises such as the W City Center, W Fifth Avenue, and the Citibank Plaza.

Adapting fast to the new normal, Security Bank rolled out new services that allowed companies, big and small, not only to open accounts digitally, but also to enroll in various cash management services.

In addition, the bank also introduced new self-service onboarding tools such as DigiBanker Assistant, online account opening for BusinessPlus accounts and a dedicated hotline for DigiBanker concerns.

SECURITY BANK
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