The Edge (A UB Publication): Redefined - The Rise of Digital Value Transfers

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The convenience of the digital trade has become more relevant during these times. With the global pandemic affecting the supply chain and halting the operations of businesses, many consumers are learning to rely on e-commerce and digital modes of businesses, and at the same time, contactless payment methods are being used and explored more than ever – these types of transactions are what we call Digital Value Transfers.

Digital Value Transfers, by definition, is the secured and verifiable transaction of information by electronic means, be it monetary or non-monetary value. This issue aims to examine and understand the role and advancements played by the rise of this technology in the development of business practices during the New Normal. We will explore its role as a catalyst in the expansion of the digital economy by further decentralizing transactions and exchanges.

An era of slow growth has begun and the new realities of business life have started to emerge. As with other major crises, the fallout during the mandated lockdowns and the financial meltdown that preceded it have influenced the economy and even the way business has been done for decades.

MAGAZINE TEAM AND LIST OF CONTRIBUTORS EDITOR-IN-CHIEF: Ramon Duarte SENIOR ADVISORS: Gerard Darvin Dino Velasco May Buencamino James Morris Ileto

MANAGING EDITORS: Mourese Soriano Mara Garcia

CREATIVE ARTISTS: Shangy Montecillo Andy Bongon

EDITORS: Bianca Gelido Rachelle Real-Tolentino Jaries Villavicencio

CONTRIBUTORS: Miguel Dans Alexandra Dizon Lea Alexandra Caballes Trisha Mae Latayan Nicole Ranna Hao Gabrielle Marie Cruz Anna Marie Samantha Lacorte Giselle Dominique Sy

THE EDG E

OCTOB ER

AWARDS ABOUT THE ISSUE TABLE OF CONTENTS WELCOME REMARKS MESSAGE TO U WHAT’S HOT? FUND TRANSFERS WHAT’S HOT? PAYGATE REDEFINED: THE RiSE OF DiGiTAL VALUE TRANSFER WHAT’S HOT? MOBiLE CHECK DEPOSiT BEiNG CYBERSURE AGAiNST SCAM FOR BUSiNESSES WHAT’S HOT? BIR E-PAY THE ADVANTAGE OF ADOPTING THE RIGHT DIGITAL TOOLS FOR CORPORATES

With a few months remaining before the year ends, let me start by thanking you, our clients, for your patience in accommodating the various operational changes that were necessary during this period as we navigate through this extraordinary circumstance which we faced.

Digital transactions are a key component of staying competitive in today’s ever-evolving marketplace. The intensification of monetary and non-monetary transactions underpinned by robust digital infrastructures and processes, also called digital value transfers, has evidently changed the foundation of economic trade and redefined business activities.

This rise in digital value transfers, however, is just the start as we venture in a new digital era far advanced than ever before. With customers unable to do face-to-face activities, they are forced to rethink the established analogues processes that they had been relying on – What do I need to do to digitize those? How do we bring the value of digital platforms into full play in the new normal? How can companies use new tools and techniques to ensure that their company runs smoothly even though everything has changed?

All these further propelled the bank to redefine the digital transformation wheel and become more efficient in delivery and creating added value in our service to you, our clients.

As we continue our journey in this new normal, let’s adapt together and come out stronger.

RAMON G. DUARTE Senior Vice President

Tribe Chief - Corporate, SME & Platforms Development rgduarte@unionbankph.com

The country had a rough start in 2020. The COVID-19 pandemic posed immense challenges, not only locally, but to the global economy. However, despite these hurdles, we continue to reap significant benefits from our digital strategy.

As the country moves forward in this new normal, we are in constant reminder of this time as a tipping point in history where the impact of technology is so significant it has completely transformed the way business is done. It is evident that the game changer is the pandemic and it forced the jump to a digital migration even more. For banks alone, we’ve seen a huge uptick not only in account logins via The Portal (our online facility for corporates) but also efficiency in remote deposits via checks, electronic payments and online account openings, which overall we refer to as digital value transfers.

Going forward, we believe that data analytics and AI will be critical technologies that will drive our Digital Transformation strategy. With this and our continued learnings from various customer journeys, we are convinced that these would help streamline the Bank’s data processes, maximize utilization of customers’ data, and ultimately propel the Bank to greater heights.

Your Bank is ready, today! I would like to thank our customers and partners for your continued patronage through all these years. It is for you that we are powering The Future of Banking.

And with your support, this shall be achieved.

The Future Begins with U.

EDWiN R. BAUTiSTA President and CEO edwinb@unionbankph.com

BATCH FUND TRANSFERS is now on

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To know more, contact your Relationship Manager or our dedicated UnionBank Business Support at (02) 8-667-2668 or email business@unionbankph.com.

UnionBank of the Philippines is supervised by the Bangko Sentral ng Pilipinas (BSP) with email address consumeraffairs@bsp.gov.ph.

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Contact your Relationship Manager Today! www.unionbankph.com To know more, contact your Relationship Manager or our dedicated UnionBank Business Support at (02) 8-667-2668 or email business@unionbankph.com.

UnionBank of the Philippines is supervised by the Bangko Sentral ng Pilipinas (BSP) with email address consumeraffairs@bsp.gov.ph.

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“Managing in this new era will be different – and much will rest on how willing companies are to stray from their comfort zone and challenge their traditional ways.” – Ramon G Duarte, UnionBank’s Corporate, SME and Platforms Tribe Lead

It is always good to acknowledge strategy pit stops and to revisit strengths, weaknesses, opportunities and threats, but now, organisations also need to frequently track the fast and ever-changing competitive landscapes. What most of us consider normal has already fundamentally shifted and operating digitally has become an imperative to stay in business through mandated lockdowns and restricted activity. Corporates are diving into an unprecedented opportunity to digitize and modernize. Whether it's the result of necessity in a remote working environment or of a slowdown in business that frees up time to focus on the transformation, organizations are quickly flocking to their banks and FinTech partners to finally do away 1 with paper in the back office. 1Now that businesses have gotten a taste of what it means to automate workflows like invoicing, accounts receivable (AR) and cash management, they're likely never turning back.

11Businesses

that use workflow automation are more efficient, save time and money, and minimize the likelihood of errors.2 2Workflow automation provides several benefits to the enterprises including - streamlining communication, creating accountability, reducing costs and error, creating more workplace efficiency, empowering employees to manage their own time, improving management, and providing real-time reports. This is where organizations see the foundational innovation that will power the future of work and how technology provides excellent tools both to fight the COVID-19 pandemic and to redefine the new normal in a post-COVID world.

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In 2018, almost seven in ten or 69% of Filipinos express confidence to go cashless for a day, and more than half (52%) think they can use only electronic payments for up to three days. 5The 2018 survey also showed that 70% of respondents have gone cashless for at least a few days. 5Convenience (58%) and safety (47%) are the main drivers for this digital behavior.

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THE DECLiNE OF CASH Prior to the pandemic, cash was already being edged out in many countries as urban consumers frequently paid via apps and cards for even the smallest purchases. The Philippines is one of the region’s early movers in digital payments despite the country’s predominant use of cash. Living in the current new normal has further accelerated the shift towards cashless, raising new payment methods for businesses and enriching the digital payments industry.

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A recent study by Visa Philippines called “Consumer Payment Attitudes,”4 has shown Filipinos to be generally interested in cashless transactions. While the most common manner of payment is still with cash, the study finds that most consumers, who already use traditional credit cards, are likely to try other contactless payment methods. 4Nearly 4 4 out of 5 respondents said they are willing to give it a go, citing convenience, speed, and “an innovative way to pay” as motivations.

Though accelerated by current events, the decline of cash has been prompted many years back. In fact, since 2016, 5 Filipinos who shop online have increased from 71% to 92% in 2017.

566% of them shop online at least once a month. 559% of consumers cited utility bills or fines as one of the top categories paid online, 43% on fashion, 40% on travel, and 36% on beauty products.

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With 6five million Filipinos opening digital accounts with financial institutions such as banks, it is evident how much the push for a cashless society has accelerated further this new normal.

ROLE OF DiGiTAL VALUE TRANSFER Digital Value Transfers, by definition, are digital transactions that enable the secure transfer of information electronically - be it monetary or non-monetary value. In the corporate setting, this technology provides a more streamlined process in the exchange of information and resources, resulting to a more consistent and better customer end to end experience, thus creating value. However, an organization’s digitization journey doesn't stop once a business is able to send an invoice and receive payments electronically.

It is definite that with the rise of Digital Value Transfers, users are able to enjoy the convenience and the freedom to carry out electronic transfer of funds from anywhere in the world using a personal computer or smartphone. But with the digitization push propelling the corporate ecosystem towards the e-commerce model, being able to just utilizing this technology is not enough.

Today, corporate customers expect solutions that are in relation to what they’re doing anytime, anywhere and in the format and on the device of their choosing. And in order to keep up with this new kind of “always-connected” customer, the corporate must be able to embrace technology that enhances digital value transfers to its full potential in order to deliver an unmatched customer experience.

Digital Value Transfers have become the catalyst for unprecedented waves of innovation such as the use of debit/credit cards, internet banking, mobile wallets, and digital payment apps to name a few. Digital-only banks have done away with the need for brick and mortar presence. Mobile wallets have literally made banking services available in just a few clicks. The introduction of PESONet and InstaPay enables fund transfers between accounts. Quick Response (QR) codes allow ‘point and pay’. Biometric authentication has made doing transactions much safer and more convenient than the conventional modes of payment.

Recent advancements in technology such as Blockchain may be a potentially disruptive technology as it is creating strong tailwinds in the area of payments for automating and decentralizing financial transactions.

For example, a company invoicing in multiple currencies and accepting payments across borders, obtaining a unified view is key to understanding financial positions. This moment of a business slowdown presented the company with the opportunity to dive headfirst into a modernization initiative that can only be effective through a cohesive cash flow strategy.

By maximizing the potential of digital value transfers, the company was not only digitizing invoices, but actually integrating payment capabilities on that electronic document, or within the company website itself. For the customer, this means a seamless payment experience.

But for accountants and AR departments, this integration strategy can go even further. There is a bigger picture that organizations must examine as part of their transformations.

EXPLORiNG POSSiBiLiTiES AND MEGATRENDS What is new in the wake of the pandemic is a shared opportunity for corporate leaders. Successful leaders will now seize the opportunity to advance a new trajectory for a digital economy that aligns with the changing role of business: to be a powerful enabler of long-term value creation for all its stakeholders. Put simply, it’s about changing the way a business interacts with its customers and how they provide their customers with a consistent experience whenever and wherever they need it.

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To date, it is evident that data analytics and AI have become critical cornerstone-technologies. Cutting-edge technologies like these will play a big role in many other changes in the “low touch” days ahead. Corporates need to embrace these developments to survive, and to be constantly alert to new realities as the local and global business environments try to find their footing in the aftermath of COVID-19. Experts point to two things that are required of businesses to withstand crises—resilience and agility.

As we navigate through this new normal, the need for building our business models in reference of certain megatrends is needed more than ever. The ability to ensure that all back-end platforms and workflows can connect and communicate with each other tackles a key point of friction for today's financial professionals. Rather than toggling back and forth between banking portals and accounting apps, organizations can take full advantage of one suite platforms that explores all types of Digital Value Transfers.

In today’s fast-moving, always connected and always on society, corporates are forced to seriously consider implementing a digital transformation strategy, if they haven’t already. The adoption of technologies such as digital value transfers offers organizations an opportunity to engage modern buyers, and deliver on their expectations of a seamless customer experience regardless of channel or place.

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References 1

Marr, B. (2020). How the COVID-19 Pandemic Is Fast-Tracking Digital Transformation in Companies. Retrieved from h t t p s : // w w w . f o r b e s . c o m / s i t e s / b e r n a r d m a r r/2020/03/17/how-the-covid-19-pandemic-is-fast-trackingdigital-transformation-in-companies/

2 Perilli, A. (2020). Automating business for Covid-19 continuity. Retrieved from https://www.itproportal.com/features/automating-business-for-covid-19-continuity

Peachey, K. (2020). More than half of all payments made by card even before coronavirus. Retrieved from https://ww-

3

w.bbc.com/news/business-52905265 Six in 10 Filipinos prefer using electronic payments – Visa Study (2020).

Retrieved from https://www.vis a . c o m . p h /a b o u t - v i s a /n e w s r o o m /p r e s s - r e l e a s es/six-in-10-filipinos-prefer-using-electronic-payments-vis a-study.html

4

5 Seventy Per Cent of Filipinos Have Gone Cashless – Visa survey (2018). Retrieved from https://www.vi-

sa.com.ph/about-visa/newsroom/press-releases/seventy-per-cent-of-filipinos-have-gone-cashless-visasurvey.html

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Cigaral, I.N. (2020). Cashless push gains traction as 5-M

more Filipinos own accounts. Retrieved from https://www.philstar.com/business/2020/07/16/2028449/cashless-push-gains-traction-5-m-more-filipinos-own-accounts

Deposit Checks for your Business with Step 1: Fill in the following details on the back of your check: UnionBank of the Philippines

Date of deposit

Your company’s UnionBank account number

Your Signature

Step 2: Capture a photo of the front and back of your check using the app

Step 3: Submit and wait for the successful status of your transaction to confirm the deposit to your account.

Download the app

Enroll in the Portal by UnionBank today!

To know more, contact your Relationship Manager or our dedicated UnionBank Business Support at (02) 8-667-2668 or email business@unionbankph.com.

UnionBank of the Philippines is supervised by the Bangko Sentral ng Pilipinas (BSP) with email address consumeraffairs@bsp.gov.ph.

Scams are now dominating the cybersecurity threat landscape, especially in the Philippines.

In a post-COVID world, many are finding that there is a “new normal� for online fraud. Scams are constantly in the process of reinvention to exploit individuals and business organizations. Many of those changes will be with us long after this pandemic is behind us.

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These challenges have led to a permanent increase in the obstacles businesses face in preventing, detecting, and analyzing scams.

Scams, similar to phishing, capitalize on human emotions. Both are performed by people pretending to be someone else, such as legitimate individuals or organizations. The only difference is that in phishing, you are lured into giving your credentials or personal information to facilitate another activity, either money transfer or granting of access to

confidential files and systems. While in scams, you are tricked into directly transferring your money to others. There are several drivers of online fraud which emerged during the Covid-19 epidemic that is not going away — if anything, they are growing — now that businesses are starting to re-open post-COVID. As scams are inevitable, the most effective way of protecting your organization from scams is to establish a strong culture of security awareness.

Strengthen your protection against scams through extensive and continuous education.

Fighting scams is a shared initiative among communities. Hence, implementing a robust cybersecurity education program tailored to your internal and external stakeholders is essential.

The training should start with the basics – how to spot scams, common red flags, and latest scam reports. Being able to identify potential attacks and keeping abreast of news updates enables your people to guard themselves better. People are increasingly more dependent on technology than personal interaction, hence the frequency and mode of security reminders must be constant and far-reaching. Mandated online courses and trainings across your organization is also a good way of monitoring your employees’ level of awareness (e.g. data classification, PCI compliance, proper ways to report fraud).

In addition to frequent and exhaustive awareness campaigns, companies should also do a health check on their internal controls (policies and procedures on data handling, securing cardholder information, access management, etc.).

Awareness is the cornerstone of an effective security program.

Cybersecurity is a shared responsibility – a common phrase in the global security industry.

While an organization does its best to secure their assets, employees and customers must also be properly educated on how to protect themselves from scammers and other security attacks.

Most IT managers were raised with the idea of never sharing data outside of their organizations.

Still, just as some aspects of fighting coronavirus itself required a collective response, the fight against fraud requires collaboration in a post-COVID world. Shared data means more data.

AI and machine learning need to augment the human response to analyze data and identify patterns. This technology can flag unusual transactions and detect things the human eye often misses due to the sheer amount of data involved.

Instilling the mindset that cybersecurity is a shared responsibility among employees and clients does not only foster community-driven change but also sets the foundation of your defense against the evolving scams and cyber-attacks. With cybercrime on the upswing everywhere, it is up to the individuals and vulnerable target organizations to ensure that their cybersecurity is up-to-date, staying appraised of the latest in cyber scams and emerging threats, building up their resiliency to withstand the post-pandemic cyber threat climate.

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PAYING TAXES SHOULD BE THE LEAST OF YOUR WORRIES WITH To know more, contact your Relationship Manager or our dedicated UnionBank Business Support at (02) 8-667-2668 or email business@unionbankph.com.

UnionBank of the Philippines is supervised by the Bangko Sentral ng Pilipinas (BSP) with email address consumeraffairs@bsp.gov.ph.

Step 1

Step 2

Step 3

Step 4

Step 5

Enroll to https://portal.unionbankph.com/ enrollment or scan the QR code below

Log in to business.unionbankph.com

Click on Bills Payment and Select Bureau of Internal Revenue under Government Payments

Fill-in the required biller information

Review payment details and confirm

Enroll in the Portal by UnionBank today

THE ADVANTAGE OF ADOPTING THE RIGHT DIGITAL TOOLS FOR CORPORATES

Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every corporate.

To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require.

On this section, we talked to the creators behind the award-winning platform made for businesses like yours.

Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up.

EFFICIENCY Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustain-

24/7 RELIABILITY

ing businesses through financial turbu-

Online banking services are available 24/7

lence than traditional cost-cutting mea-

all year round, even on weekends. There is

sures alone. The biggest efficiency play is

no need to line up and wait for the bank to

automation. Streamlining operations and

open in order to conduct certain opera-

automating manual processes result in

tions. This is a huge advantage that comes

greater speed, less waste and more focus

with digital solutions.

on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or

SECURITY With all the recent news about data breaches, you might be wondering about

to fill critical gaps.

the security of mobile and online banking.

Security is top priority for banks when

CONVENIENCE

choosing whether or not to offer online banking. All banks use “Pentagon-grade”

Company bank accounts are available in any device, the only things you need are

encryption technology and sophisticated firewalls. Mandatory security upgrades are

internet connection and a few taps on the

required by bank regulators, so you can be

screen. This brings about an increase in

confident that keeping your information secure is one of your bank’s utmost priori-

customer satisfaction as they are able to constantly keep track of their account balances and manage the information on

ties. As digital transactions increase and productivity grow, companies must take

their personal profile (i.e. add new mailing

proactive steps to protect their data priva-

address, e-mails, telephone numbers, etc.).

cy and security and adopt models that give them governance over their data.

In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email.

TODAY’S PLATFORM DRiVEN SOLUTiONS Self-service account management, bills

way of banking over-the-counter or paying

payment and electronic fund transfers are

via cheques.

considered the basic banking functions that each business should have. Account

Going beyond the basic functions of a

management allows viewing of account

normal digital banking tool, The Portal’s

balances and transaction history without

self-enrollment feature allows businesses

going to the bank. All these were made

to conveniently self-enroll their nominated

easy and accessible, by just logging into

accounts and users through the simple

UnionBank’s The Portal app.

enrollment steps. Once completed, access to The Portal is granted and clients may

Bills Payment, on the other hand, gives

enjoy the convenience of processing their

businesses access to a large list of billers.

funds transfer instructions online. In addi-

They can pay their water, electricity, telco,

tion, there is an option to initiate the

and other utilities online. BIR ePayment is

enrollment of the beneficiary accounts

also available, allowing users to pay taxes

individually or in bulk. This can be essential

online. If the company is an accounting

for clients that need a payee maintenance

firm, they can also pay for their client’s

feature to ensure that the initiated transac-

taxes on The Portal app. Electronic fund

tions are only credited to enrolled account.

transfers save companies time and reduce their risk exposure. Just upload the batch

With the convenient, hassle-free and

crediting file on the platform and it auto-

straight-through processing in The Portal,

matically disburses it to their recipients.

businesses can easily push fund transfers

Clients can also set up their recipients in

in the comfort of their own homes or

UnionBank Business Banking so they

offices.

receive email and SMS notifications every time they are credited. All these are made

This pandemic serves as a widespread test

possible without stepping inside a branch.

case for the effectiveness of these digital solutions, many of which will be perma-

Batch Electronic Funds Transfer is also

nent fixtures and lead to long-term chang-

now made available for UnionBank Trans-

es for many businesses. Organizations that

fers and PESONet. This enables the

embrace digital solutions have greater

streamlining of bulk account to account

resiliency in the face of adversity and are

transfers to another UnionBank account or

way ahead of the competition, which will

to other bank accounts. This has highlight-

enable them to recover faster and pivot

ed the ease and convenience of going

from playing defense to chasing growth.

digital to corporate clients versus processing transactions through the traditional

Also added are different features such as a status monitoring dashboard so that businesses can monitor the progress of their application and go to this dashboard, in case they accidentally close their application prior to submission.

DAO is also integrated with the bank’s sales platforms. This is where the bank automatically assigns each client to a relationship manager at the onset so that they could easily reach out to an officer for any questions about the process. In line with the Bank’s direction of digitizing, it is made sure that the entire process is digitized end-to-end, from information gathering to the operation part of opening the account itself.

Opening a business checking account requires filling out multiple forms, submitting a load of business documents and signatory identification, and submitting all the requirements to a branch. It was a hassle then and much more now. This was particularly challenging during the pandemic and can increase the health risk of both clients and branch officers.

UnionBank’s launch of Digital Account Opening for Businesses or DAO, With DAO, businesses can just fill out and upload their business documents in an online form. The bank has also further digitized its verification methods to ensure the legitimacy of each business and their signatories. It is the first-of-its-kind in the Philippines as UnionBank is the only local bank with a fully digital, self-service account opening process for business checking accounts.

THE INNOVATORS WE SAT DOWN WITH UNIONBANK’S THE PORTAL TEAM TO GO INTO A DEEP DIVE DISCUSSION OF THE BANK’S BUSINESS BANKING PLATFORM.

The Edge: Thank you to The Portal team for taking the time with us today. Can you tell us what is the team’s background and how agile are you guys in keeping up with the demands of the new normal?

Portal Squad: We set up most of the user experience guidelines. This covers enrollment, onboarding, development, support and prioritization of Portal products. Each product on The Portal has a project manager which handles each product as a business within a business, carefully adhering to the guidelines set by the team. This ensures that products developed are cohesive and consistent.

All teams working on the platform follow the agile methodology where we continuously build, adopt, and innovate. Any comments and suggestions we receive there, we include it in the backlog for future development.

The Edge: In terms of stats, where are we at now with enrollments and transaction count? What’s the status compared from current 5 months with pandemic vs to the previous 5 months of the old normal?

Portal Squad: As of July 2020, we have

The Edge: Let's talk about your highly appreciated UX/UI. What was the inspiration behind the processes made for The Portal and your back office?

increased to a total of 300% enrolled compared to Jan 2020. We definitely saw

Portal Squad: When we build new features

a spike starting March, which marked the

or enhancements, we always start with an

start of ECQ. We also saw a spike in both

insight. We gather comments and feedback

transaction count and volume, particular-

from clients, which we strip further until we

ly for local peso transfers. Transaction

arrive at the actual pain point. From this

count was averaging at a ratio of 1:1 at the

pain point, we conduct a series of brain-

start of the year, now it’s averaging at a

storming sessions with our UI/UX team to

ratio of 1:6 transactions just for the month

map out different ways of addressing the

of July.

issue. Part of the brainstorming also involves challenging assumptions and the status quo to see other ways of tackling it. It’s about collaborating with our partners.

We want to make sure we don’t just build things for the sake of building; we want to make sure that whatever we do brings value to our clients.

The Edge: Regarding Digital Account Opening (DAO) - Can you walk us through the design process?

Portal Squad: For Digital Account Opening, we had to challenge a lot of things from the submission of hardcopies of the forms to digitizing the verification process of the business and the signatories. We had to take a step back and see how we could address those issues while making sure we were still compliant with bank regulations and had control measures in place. It was a mammoth task, but we couldn’t have done it without the help of the entire bank.

The Edge: On security - How secure is The Portal for clients especially for those who manage multiple companies and multiple transactions daily?

Portal Squad: We have top-of-the-line security features in place to make sure all your banking transactions are secure.

If you have The Portal (UnionBank Business Banking) app installed, we also have the TouchID and FaceID feature, available depending on your smart-

The Edge: Regarding Batch Fund Transfers - What’s special about this new feature?

phone settings. We also have multi-factor authentication (MFA) which involves presenting two pieces of information: something you know (your password)

Portal Squad: Batch Electronic Funds

and something you own (one-time pin

Transfer is made available for UnionBank

(OTP) sent to your device). When you

Transfers and PESONet. It is through this

login, you have to enter your password,

feature that we are able to streamline bulk

which is something only you can set,

account to account transfers to another

and an OTP which you will receive

UnionBank account or to other bank

through your registered mobile number.

account holders. This emphasizes the ease

Clients also have the option to generate

and convenience of going digital for our

a time-based OTP (TOTP) using the mo-

corporate clients versus processing trans-

bile-app.

actions through the traditional way of banking, which is either over-the-counter

OTP is also required by default before

or paying via cheques most especially

you can create a transaction. However,

during this new normal.

for some clients who find it unnecessary, they have the option to turn off the OTP from settings. We built this feature to give the clients flexibility to balance their security and convenience.

TAKiNG THE STEP TOWARDS DiGiTAL TRANSFORMATiON Digital transformation can be viewed as a large-scale, long-term project that can be risky and costly. However, it doesn’t have to be that way. Companies that have already invested in digital transformation have found it easier to cope with global lockdowns that have forced entire workforces into telecommuting. These companies have demonstrated an agility through their digital maturity and has helped them keep up with rapid workplace and supply chain changes together with unpredictable business needs that the pandemic has raised.

Firms should explore the benefits of truly open and extensible platforms while keeping a close eye on inherent risks. It’s important to find a balanced solution – one that can provide significant out-of-the-box standardization while still being able to customize and scale over time. Platform solutions offer a more agile approach to addressing a transformation strategy by providing faster time to market, return on investment, and providing the flexibility to adapt to changes in technology and market conditions.