State-owned Land Bank of the Philippines (LBP) on Monday launched its first inclusive banking center to allow cashless payment transactions at the main office of the Land Transportation Franchising Regulatory Board.
LBP President and Chief Executive Officer Alex Buenaventura and LTFRB Chairman Martin Delgra 3rd signed a Memorandum of Agreement to formalize the pilot of the Landbank Inclusive Banking Center (LIBC). The LTFRB is the first government agency to benefit from the project.
The LIBC is an interconnected facility with point-of-sale (POS) terminals linked to the agency’s cashiering system to enable payment of government fees using any bank’s ATM or debit cards.
The facility also houses ATM machines and a cash deposit machine for real-time deposits to the pre-generated ATM cards provided to client-payors who do not have existing ATM cards.
“The establishment of the LIBC at LTFRB will help streamline its processes for the ease and convenience of its payor-clients,” Buenaventura said.
“Also part of the agreement is the establishment of a safe, efficient, and reliable electronic retail payment system that aims to replace existing cash transactions susceptible to graft and corruption,” Buenaventura added.
The bank’s president and CEO said he expects to serve more government agencies with the LIBC.