As the coronavirus pandemic continues to overwhelm the world, companies across the globe are scrambling to take swift, often game-changing actions to protect not just their businesses but also their nation’s economies.

UnionBank's fintech company, UBX, through its i2i platform for rural banks, has stepped up to the plate during this crisis.  It has started linking i2i rural bank members to its new network that includes LBC, PeraHub and Cebuana Lhuillier outlets nationwide. This i2i network enables customers of these rural banks to now send funds and payments to over 11,000 additional locations across the country.

In spite of the ECQ, UBX posted more transactions in the first quarter of this year compared to the whole of last year, even with the ongoing quarantine.

Good news is despite the ECQ, we are forecasting higher transactions this year. Activity has not been dampened amidst the pandemic, in fact the opposite is happening.
- John Januszczak, President and CEO, UBX Philippines

He said they recorded 1,126 transactions for the first quarter alone, up from a total of 807 in 2019.

Sending money in time of need

Anna Riza Dadivas and Rachel Miraflor, single mothers working as household helpers in Manila, were the first to benefit from this newest feature of UBX’s i2i platform. Both were able to successfully send money to their respective children in the town of Pontevedra, Negros Occidental.

MVSM Bank, the pilot bank for this new feature, expressed excitement to be part of this undertaking.

This product brings the clients of MVSM Bank closer to their families in the provinces. Aligned with MVSM Bank’s digital transformation plans, we are happy to be part of this pilot project with UBX. Since this is the new normal, the time is right to begin reaching out to the unbanked market of the country thru i2i.
- Gigette Javier-De Luna, president of MVSM Bank, a rural bank since 1953 and a member of the i2i platform

We are really excited about this feature and we believe this will help a lot of Filipinos who need access to send and receive funds, especially during this COVID-19 pandemic and the enhanced community quarantine. By adding more options for cash-in and cash-out points, we hope to lessen the travel and time outside the home for Filipinos when they access financial services, particularly during this pandemic. - John Januszczak, President and CEO, UBX Philippines

Januszczak believes this solution, along with the deployment of i2i mobile ATMs, will also aid in enabling the provision of government support amid the public health crisis.

“We are working on adding more partners to the i2i network. Palawan Express Padala will be rolled out soon and apart from this, we also plan to tap other financial institutions and fintechs,” he said.

i2i now has 54 rural banks and cooperative banks in its network of financial institutions, the latest two of which were virtually trained during the enhanced community quarantine (ECQ). Around 60 more rural banks are also scheduled to be onboarded.

I2i has also deployed to rural bank members and partner merchants the mobile automated machines (ATMs), which allow customers to “do balance inquiries and withdraw money using a handy device vs a bulky ATM machine.”