Security Bank recently launched Security Bank Collect, a new channel that enables them to offer various payment options online to bolster support for micro, small and medium enterprises (MSMEs) and corporate clients.

As a digital payment channel, Security Bank Collect accepts credit, debit and prepaid cards such as Mastercard, Visa and JCB, and e-wallets such as GCash, Maya, WeChatPay, AliPay and UnionPay.

The platform is powered by Magpie IM Inc, a leading digital payment service provider that centralizes sales invoicing and payment collections for businesses on one platform.

Security Bank Collect was developed by the Bank’s Business Banking Segment (BBS) to address MSMEs’ challenges, including limited payment options for buyers, manual reconciliation and monitoring of payments for sellers, and high balance and transaction requirements for POS systems for sellers.

“Security Bank Collect is another step forward in our mission to empower businesses,” John David Yap, SVP and Business Banking head at Security Bank, said.

“The platform not only broadens the spectrum of payment options available to merchants but also streamlines the entire payment process. By enabling real-time monitoring and reconciliation of payments, Security Bank Collect removes many of the traditional barriers faced by MSMEs, allowing them to focus on growth and innovation.”