BELFAST, Northern Ireland–The Asian Confederation of Credit Unions has launched a common banking and payments platform for its members in the Philippines. The platform, called APP, was announced during the World Council of Credit Unions’ World CU Conference in Belfast. It provides services such as account top-up, cash withdrawal, conditional cash transfer, bill payments and peer-to-peer payments, including international remittances.
The technology for APP includes Temenos’ MicroBanking system and Software group’s UnderTree suite, running on the Microsoft Azure cloud. APP is currently piloted by two Philippines-based ACCU member organizations, the National Confederation of Cooperatives and the Philippine Federation fo Credit Cooperatives.
At the WOCCU meeting, Elenita San Roque, chief executive of ACCU, noted, “There are 47 million internet users in the Philippines, most with two mobile phones. But a lot of companies in the Philippines provide digital access to credit unions.”
According to the Asian Confederation, the platform is aimed at enabling members to see credit unions as their prime financial institutions and ensure sustainability through new services. “Credit union networks are stronger when we co-operate, they can own their own destiny if only they co-operate,” San Roque said.