Landbank digital transactions jump to P4.8 trillion

MANILA, Philippines — State-run Landbank of the Philippines saw its digital transactions soar to P4.8 trillion from January to October this year as it pushes for wider financial inclusion.

Landbank said its digital banking channels recorded a total of 123.3 million transactions worth P4.8 trillion during the period.

This represents a 14 percent improvement in volume and a 156 percent hike in value as compared to a year ago.

The increases were due to the combined transactions from the Landbank mobile banking application, iAccess, weAccess, Link.BizPortal, electronic modified disbursement system, and the Landbank bulk crediting system.

Broken down, overall transaction value was driven by weAccess, Landbank’s corporate internet banking platform, that facilitated more than 14.2 million transactions worth P3 trillion.

Landbank recorded a huge 664 percent jump in the transaction value of weAccess.

Its internet facility for national government partners also picked up by 17 percent with 1.9 million transactions valued at P1.6 trillion.

Meanwhile, Landbank’s mobile banking app also improved with 97 million transactions amounting to P171.3 billion, up 18 percent and 28 percent, respectively.

Landbank’s online retail banking channel and electronic disbursement facility recorded transactions valued at P18.9 billion, skyrocketing by about 608 percent.

Further, its online retail banking channel iAccess posted a 16 percent increase in terms of transaction value amounting to P14.3 billion from 4.3 million transactions.

Landbank’s web-based payment channel, Link.BizPortal, also saw improvements in both volume and value at 4.9 million transactions equivalent to P9.8 billion.

Meanwhile, Landbank and the Department of Information and Communications Technology (DICT) recently partnered to synergize initiatives in ensuring the interoperability of the applications and systems of both institutions.

Landbank and DICT inked a memorandum of understanding to harmonize, coordinate, and integrate their ICT efforts, which include resource sharing, database building and agency networking linkages.